Cyprus’ startup scene took a major step forward onto the global stage this past weekend as Calspak was named the winner of the Startup World Cup Cyprus Regional Finals 2025, presented by Mellow. The company will now represent the island at the competition’s Grand Finale in San Francisco on October 17, 2025, where a $1 million investment prize awaits.
The Cyprus finals were held at BrainRocket in Limassol, drawing a packed audience of founders, investors, and ecosystem leaders for a full day of live startup pitches, expert panels, and strategic networking focused on the island’s growing role in tech and innovation. The regional competition is part of the global Startup World Cup series organized by Pegasus Tech Ventures, with local operations led by Aivitam Ventures and The Future Media as official media partner.
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“This has been an unforgettable experience. I am deeply grateful for the chance to represent our team, our mission, and our work on this stage,” said Dr. Ioannis Koureas, COO and Co-founder of Calspak, which develops sustainable calcium carbonate technologies for industrial and pharmaceutical use.
A Platform for Innovation and Perspective
The event opened with remarks from Demetris Skourides, Chief Scientist for Research, Innovation & Technology at the Government of the Republic of Cyprus. Skourides highlighted recent data showing Cyprus outpacing much of Europe in startup ecosystem growth:
“With a 28.2% ecosystem growth rate in just one year—the highest in the EU—and Limassol ranked fifth in Europe and eighth globally as a blockchain hub, we are growing at an unprecedented pace.”
His address was followed by a keynote from Uri Levine, co-founder of Waze and author of Fall in Love with the Problem, Not the Solution, who challenged the audience to reconsider their approach to failure in their startup journey:
“If you’re afraid to fail, in reality, you already failed because you are not going to try… Fail fast is really, really important once you realize that this is going to be a journey of failures.”
Spotlight on Local Ecosystem Strength
Three panel discussions brought fresh insight into the local and regional startup landscape, each tackling a different angle of Cyprus’ innovation story.
The first, “Made in Cyprus: How to Make Cyprus a Leader in the Startup Ecosystem,” moderated by brand strategist Martin Zarian, explored what it will take for Cyprus to compete globally. Panelists Kyriakos Attouni (Invest Cyprus), Frixos Larkos (Crowdbase), Panis Pieri (Panis.News), and Olga Polkovnikova (BrainRocket) discussed everything from startup policy to international perception.
The second session, “Funding the Future: AI Edition,” brought together seasoned investors and operators to discuss the opportunities and challenges AI technologies have brought to the startup landscape. Moderated by Yura Romanyukha (ICLUB Global / TA Ventures), the panel featured Yiannis Eftychiou (33East Venture Capital), Dima Mikhailov (Data Mining Technologies, NVO.vc) Vladimir Chesnokov (Mellow), and Sergey Sergyenko (Cybergizer).
Closing out the panel program was “Empowering Women Entrepreneurs: The Startup Experience,” moderated by Raluca-Ioanna Man. Panelists Evangelina Fysa (Bungálow 28), Stavriana A. Kofteros (W11 Ventures), Maria Terzi (Malloc), and Luba Pashkovskaya (Verv Group) discussed changing mindsets, setting boundaries, and building resilient support systems.
Nine Startups, One Winner
From 83 applications, nine startups were selected and nine pitched live at the event:
- XONO – Alex Pavlov, Founder
- Aiuta – Sergey Akimov, CTO
- SpesLab – Olesya Grishanina, CMO
- Algebras AI – Aira Mongush, CEO & Co-founder
- AIVOTAR – Denis Kornienko, CEO & Co-founder
- Realytics – Tony Popov, CEO & Founder
- RELOC8 ONLINE – Navid Homayoun, CTO & Alina Kulikovska, CEO
- Prorok.io – Ilias Abdullin, Founder
- Calspak – Dr. Ioannis Koureas (Winner)
The jury included Stavriana A. Kofteros (W11 Ventures), Yuriy Romanyukha (ICLUB Global / TA Ventures), Yiannis Eftychiou (33East Venture Capital), Carolos Georgallis (Kinisis Ventures / AIFCAP), Kyriakos Attouni (Invest Cyprus), Dmitry Dosov (Aivitam Ventures), and Sergey Sergyenko (Cybergizer).
“The 2025 finals marked a clear maturity leap,” said Yuriy Romanyukha. “Stronger execution, broader sector coverage, and founders with global experience made it evident: Cyprus is not just attracting startups with 30,000 ICT workers—it’s shaping export-ready technologies.” He singled out Calspak, with its patented low-carbon cement formulation; Realytics, delivering zero-integration retail analytics; and platforms like AIUTA and Reloc8 Online, which productized traditionally human-intensive sectors. He also observed strong momentum in RegTech, vertical AI, and localized FinTech platforms.
Yiannis Eftychiou called the event “a strong signal of the Cypriot ecosystem’s growing maturity and its transformation into a hive of innovation and entrepreneurship.” He described the atmosphere as “product- and traction-oriented,” and said the startups stood out for aiming at large international markets. “They were great examples of how Cyprus can become a producer of innovation and exporter of technology.” On FinTech specifically, he emphasized Cyprus’ potential as a regional hub, citing its engineering talent, back-office infrastructure, and regulatory stability. “A great example is Cyprus-based Finom, the SME neo-bank, that just closed a fresh round of financing of €115 million.”
Two Prizes, One Mission
Two prizes were awarded at this year’s finals. The top honor went to Calspak, securing the opportunity to compete on the global stage at the Startup World Cup Grand Finale in San Francisco, where they will contend for a $1,000,000 investment prize.
In addition, an Audience Favorite Award, sponsored by SendPulse, was granted based on live voting from audience members. The winner, RELOC8 ONLINE, received a $5,000 prize, highlighting the value of public engagement and real-time traction.
Dmitry Dosov, General Partner at Aivitam Ventures, Publisher at The Future Media, and Ambassador of Startup World Cup described this year’s finals as a step forward for the local ecosystem. “We had 83 applications and selected just ten to pitch. The quality was higher, the ideas were even sharper, and the founders came ready to compete,” he said. He also used the occasion to announce the upcoming launch of Future Labs, a new investment initiative bringing together media, operators, and expert partners. “It’s not a traditional fund or accelerator,” he added. “It’s a build-focused platform designed to work alongside founders. More to come soon.”
The event was supported by a strong network of ecosystem partners:
- Gold Partner: Mellow
- Silver Partner: Dream Play, Invest Cyprus, and Research and Innovation Foundation (RIF)
- Bronze Partner: SOFTSWISS and Cybergizer
- Host Partner: BrainRocket
- Prize Partner: SendPulse
- Global Organizer: Pegasus Tech Ventures
- Cyprus Organizer: Aivitam Ventures
- Media Partner: The Future Media
- Charity Partner: United Rescue Cyprus
Next Stop: San Francisco
With this victory, Calspak now moves on to the Startup World Cup Grand Finale in San Francisco, joining regional champions from across the globe. The event in Cyprus served as a reflection of the island’s growing ambition and ability to compete internationally.
