We are excited to introduce 33East, a new venture capital fund for Cyprus. The Republic of Cyprus entrusted the European Investment Fund (EIF) with the selection of a manager for the Cyprus Equity Fund. Following a competitive process, 33East was selected by the EIF as Cyprus’ first venture capital fund supported by public resources. 33East has a target size of €37.5 million, with €27 million coming from the Cyprus Equity Fund and an additional €10.5 million from private investors. The fund will be split into two compartments: a €35m Venture Capital compartment, and a €2.5m Acceleration compartment.
The main objective of 33East is to finance startups in Cyprus and help foster economic development and growth. The fund aims to support the development of an innovation ecosystem in Cyprus, in line with the objectives set in the Cyprus Recovery & Resilience Plan. The Acceleration compartment will provide initial financing of up to €200k to emerging entrepreneurs to research, assess, and develop an initial concept. The Venture Capital compartment will provide financing of up to €1 million to startups at the Pre-seed and Seed stages. The fund will be sector agnostic and founder-focused. However, it will centre on verticals where Cyprus startups can compete internationally such as enterprise software, fintech, gaming, marketplaces, logistics, digital health and climate.
Demetrios Zoppos and Yiannis Eftychiou partnered to create 33East following a rigorous diligence process by the EIF. Demetrios, a serial entrepreneur and angel investor, has more than 25 years’ experience working with early-stage technology companies. Yiannis, a venture capital investor for a London-based fund manager, brings relevant experience from investing in high growth companies across Europe, Africa and Asia. The launch of 33East is a major milestone in the development of the technology ecosystem in Cyprus. We are thrilled to be able to provide much-needed funding and support to startups in Cyprus, and look forward to working with talented entrepreneurs to support the digital transformation of the Cyprus economy.
Visit us: www.33east.vc
Contact us: demetrios@33east.vc and yiannis@33east.vc
