Plug and Play to open first Cyprus accelerator in Limassol, co-funded by the state

NICOSIA, Cyprus — Plug and Play said on April 7 it will open its first location in Cyprus, establishing a startup accelerator in Limassol co-funded by the Republic of Cyprus through the Deputy Ministry of Research, Innovation and Digital Policy and the Research & Innovation Foundation.

Corporate supporters include ASBIS, Tototheo, Mastercard and ECOMMBX. The three-month accelerator is designed to help Cyprus-based startups grow and scale internationally through mentorship, corporate connections and investment opportunities. The first cohort will focus on fintech and regtech, gaming, social and leisure, and shipping and energy.

An official launch event was scheduled for April 7 in Nicosia, to be followed by an open call for applications. After a selection process, ten startups are expected to join the first batch, which Plug and Play said will begin in late May.

“Cyprus has everything it needs to become a strong innovation hub,” said Saeed Amidi, Plug and Play’s founder and CEO, citing the island’s educated workforce, strategic location linking Europe, the Middle East and Africa, and government support for technology and growth.

“We are excited to be in Cyprus and to work with founders, investors and local partners to build companies, create jobs and support long-term growth.” Cyprus President Nikos Christodoulides said the state’s support for Plug and Play’s launch is part of a broader push to strengthen entrepreneurship and connect the local ecosystem with international markets.

He noted the initiative follows meetings he held in the United States in April 2025 and described the co-funded establishment, alongside corporate partners, as a vote of confidence. The goal, he said, is to link Cypriot startups and researchers with global networks and know-how and deliver tangible outcomes: internationally competitive companies, stronger innovation pipelines and quality jobs.

Plug and Play, headquartered in Silicon Valley, operates in more than 60 locations worldwide and says it works across over 25 industries, including fintech, energy and smart cities. The firm plans to connect Cyprus’s fastest-growing startups with a network it describes as including more than 550 corporate partners and over 100,000 startups, positioning them for global expansion.

Officials and company representatives pointed to founder-friendly tax incentives, streamlined startup visa programs and Cyprus’s EU operating environment as supporting factors for the initiative. Applications for the first cohort are set to open following the Nicosia launch event, with further program details to be provided by the organizers.