A total of 15 Cypriot companies made it to the Rising Star list of Deloitte’s Technology Fast 50 for the Middle East and Cyprus.
The Rising Star category recognises companies that have been trading for less than three years and show great potential to be future Fast 50 candidates.
Topping the ranks were Saudi Arabian e-commerce company Lawazem with a staggering 39,320% growth rate over the past four years; the fintech Circlys, also from Saudi Arabia, with 25,654% growth; and the UAE’s fintech FlexxPay (15,770% growth).
As for the regional winners, the top three companies in Cyprus were Circular Economy Alliance, an EdTech company with 6,110% growth; Embio Diagnostics Cyprus (growth of 2,327%) and The Mighty Kitchen, active in Healthcare & Life Sciences, which saw growth of 1,562%.
The following 15 Cypriot companies made it to the Fast 50 Rising Star list:
- Circular Economy Alliance Cyprus EdTech
- Embio Diagnostics Cyprus Hardware
- The Mighty Kitchen Cyprus Healthcare & Life Sciences
- INTELLAR Cyprus Software
- Simlead Cyprus Other
- 3aHealth Cyprus Healthcare & Life Sciences
- Parsectix Cyprus Software
- eShipfinance.com Cyprus Fintech
- Wire Services Ltd Cyprus Software
- Finery Markets Cyprus Fintech
- MUNDFISH Cyprus Media & Entertainment
- 256 Rewards Ltd. Cyprus Media & Entertainment
- ZERO10 Cyprus Other
- EKCO Maximum Power Cyprus Energy Tech
- Formulaw Cyprus Software
Kyriacos Charalambides, Partner, Fast 50 Middle East & Cyprus Program Leader, said in the report’s foreword: “The region’s ecosystem is significantly growing and deserves to be highlighted through programs such as ours. UAE’s technology start-up ecosystem, particularly in Dubai, has experienced significant growth due to government reforms and policies promoting innovation. The country has established itself as a regional leader in this field, with abundant funding and investment. Dubai has emerged as a crucial destination for ambitious entrepreneurs in the MENA region, solidifying its position as a dynamic regional hub.”
He added, “Cyprus also has a growing economy supporting start-ups in various tech sectors, with a focus on attracting investors and entrepreneurs through initiatives like tax incentives and funding opportunities. The government and private sector are working together to establish the island as a top
destination for tech talent, building on its tangible and intangible infrastructure whilst supporting accelerators, incubators, research institutions and the emerging VC space.”
Read the full Deloitte Technology Fast 50 Program 3rd Edition here
