Cyprus has swiftly developed into a dynamic and rapidly expanding tech hub, driven by strategic investments, robust government backing, and a flourishing startup community. The nation is now fast-tracking its digital transformation through a range of national initiatives designed to incorporate artificial intelligence across public and private sectors, improve ultra-high-speed network connectivity, and bolster the digital economy.
Key objectives encompass enhancing digital skills, fostering research and innovation, encouraging startup entrepreneurship, and boosting cybersecurity. These initiatives are already yielding positive outcomes: in 2024, the tech sector contributed €8.5 billion to the economy and created over 62,000 full-time jobs (KPMG). The ICT workforce has expanded significantly, mirroring the sector’s robust growth.
Nonetheless, this rapid expansion has led to an increasing demand for skilled talent. As more international professionals assume vital roles, Cyprus is becoming more dependent on foreign expertise, underscoring the urgent need to invest in local talent development to ensure enduring sustainability.
Through targeted reforms and strategic planning, Cyprus is establishing a solid digital infrastructure and positioning itself as a leading Mediterranean hub for global tech, innovation, and entrepreneurship.
These are the companies to watch in 2025.
Eschatology Entertainment
Amount raised in 2024: €10.2M
Eschatology Entertainment is a Cyprus-based game studio founded in 2022 by industry veterans. With a global, remote team, the studio is crafting a narrative-rich, AAA Souls-like first-person shooter set in an apocalyptic Wild West world.
In August 2024, Eschatology closed a Series A round of €10.2 million to fund final development, complete a showcase vertical slice, and build an internal publishing team.
The studio aims to create immersive, story-driven experiences with rich philosophical and cinematic depth. Its IP is designed to grow into a lasting cultural franchise beyond just one game.
Obelisk Studio
Amount raised in 2024: $2M
Obelisk Studio is a game and CG outsourcing studio excelling in high-fidelity assets for games, film, and cinematics.
Serving independent developers and AAA studios alike, its skilled team of art directors and artists, each with over a decade of industry experience, produces top-tier 3D character art, environmental modelling, sculpting, and cinematic visuals. The studio is also developing Displacement, a first-person horror-action title set in a near-future alternate reality.
Obelisk Studio raised $2 million in 2024 to fuel its transition from supporting AAA franchises to developing its own original IP.