VC Eleven Launches Eleven 2.0 with 6 million euros
Bulgarian venture capital fund Eleven announced Eleven 2.0 – the Founders Fund – a EUR 6 million entirely private investment fund to support local early-stage companies. The fund is supported by entrepreneurs and managers of large technological and traditional industries companies from Bulgaria and the USA.
In the next 3 years, Eleven 2.0 will invest in about 20 companies with pre-seed ticket sizes starting from EUR 100,000. In exchange, the fund will take 10 to 12 % of the stakes in the company. Depending on their development and need, the fund potentially could invest up to 200.000 EUR. The focus will be on startups that use technology to implement improvements across industries, especially for b2b products and services.
After five years experience on the startup scene in the region and investment rounds of total worth 12 million EUR, the managing partners of Eleven now believe that the model of working with group companies is no longer adequate for the environment. Entrepreneurs have different needs at different times, so in the second Eleven we will build an individual development plan for each startup, says Daniel Tomov, a partner at Eleven. So, instead of one-size-fits-all acceleration model, Eleven 2.0 will now provide every startup with different resources and knowledge tailored to the needs of companies at a different phase, depending on industry, team, progress and other factors.
Mentorship and partnership will be again included in the new program, through Eleven’s extensive network of 500+ alumni and mentors, and in partnerships with GAN and EBAN.
What changes now is that young companies will now develop under one roof. This will provide them with access to additional services such as marketing, sales, legal and strategic assistance. The time-frame at which the companies can spend under the wing of the fund will not be limited and they can stay within the fund until they find their next investor, says Vassil Terziev, managing partner at the fund.
Eleven was founded in 2012 with the portfolio provided by JEREMIE (Joint European Resources for Micro to Medium Enterprises) – a joint initiative launched by the European Commission and the European Investment Bank. Up to now Eleven has invested in more than 150 companies from South Eastern Europe and stands among the top 5 most active early stage investors in Europe.
Should you be interested to become part of the Eleven 2.0 project, learn more about the Platform or visit the “How to get funding?” page.
