FROM PAPHOS TO FORBES - THE ENTREPRENEUR WHO IS BUILDING A EUROPEAN HOSPITALITY GROUP FROM CYPRUS - Filenews 18/4
Entrepreneur Yannik Schmidt-Grimm, founder of dreamfactory Hospitality and visitor automation platform Foyera, has joined the Forbes 30 Under 30 Europe 2026 list for the creation of a hospitality and technology group with international activity and headquarters in Paphos.
The distinction concerns one of the 300 young entrepreneurs selected from more than 20,000 nominations across Europe and, according to the text, acquires particular importance for Cyprus, where businesses with strong international expansion remain limited.
Yannik Schmidt-Grimm started his activity in the hospitality sector in 2023 and moved to Paphos in 2024, having – as reported – around €5,000 personal capital and no external investors.
Today, the group it has created manages more than 350 accommodation units in real estate in Vienna and Krakow, including hostels, serviced apartments and co-living spaces, with a franchise model. At the same time, expansion studies are underway in Lisbon and Athens, while a new flagship unit of serviced apartments opens in Vienna this month.
According to the same data, the growth of the business has been financed exclusively by operating cash flow and real estate lending, without using venture capital.
The Foyera Technology Platform
Alongside the hospitality group, Schmidt-Grimm developed Foyera, a platform that automates guest communication for hotels and short-term rental managers, without the need for ongoing reception staffing.
The platform manages multilingual communication, check-in coordination, and guest inquiries in real-time, aiming to reduce operational costs and increase revenue per booking.
It was originally designed for the needs of dreamfactory Hospitality's properties, but is now also being promoted to external partners throughout Europe. As mentioned, the first commercial priority is the Cypriot market and in particular hotels and short-term rental accommodation on the island.
Paphos as a base for international development
The businessman's settlement in Paphos is presented as a central element of his career. He moved from Vienna to Cyprus in 2024, choosing the country because of its status as an EU member state, the stable regulatory environment and the potential it – as he estimates – it offers for international business development.
Its goal, through the development of Foyera in collaboration with local hospitality market players, is to enhance revenue and customer experience in hotels and tourist accommodation in Cyprus, contributing to the competitiveness of Cypriot tourism.
According to the text, both companies are privately owned by him and are headquartered in Paphos.
The founder's statement
In a statement, Yannik Schmidt-Grimm states that Cyprus offered the legal framework, the strategic position and the stability needed to set up the business properly.
As he notes, the next step through the Foyera is to return this growth to the local market, with the aim of helping Cyprus hotels better manage guests, increase revenue per booking and strengthen their position as part of a competitive European destination.
He also characterizes the distinction of Forbes as an important milestone, stressing, however, that his essential interest remains in the work being developed in Cyprus.
