Eleven Ventures, a Bulgarian venture capital firm that focused on pre-seed and seed investing in South-Eastern Europe (SEE), has announced the final closing of ‘Eleven Fund III’ at Euro 60 million on 24 January 2022. The venture capitalist has raised 10x the size of its previous fund accumulated in 2018.
Investors: 80 percent of the new fund’s backers were repeat investors, including the European Investment Fund, and the funds LP-base includes over 60 individuals with deep global networks and decades of entrepreneurial experience.
Investments: The Eleven Ventures has already made seven new investments from the new fund, including Frisbo (Ecomtech), ProductLead (Ecomtech), SuperOkay (Future of Work), Biopix (Healthcare), PlanDelta (Future of Work), Metasim(Future of Work) and BeMe (Healthcare).
About Eleven Ventures
Established in 2012 by Daniel Tomov and Ivaylo Simov, Eleven Ventures is a venture capital firm that invests in early-stage companies. Tomov and Simov were later joined by Vassil Terziev, a successful Bulgarian tech entrepreneur. With 150 collective investments over nine years, Its team has been instrumental in catalysing the regional startup ecosystem. Eleven supports tech companies in five priority verticals – Healthcare, Future of Food, Fintech, Future of Work and Ecommtech. Eleven has backed several prominent startups, including SMSBump, Payhawk, Gtmhub, Dronamics, Kanbanize and Nitropack.
In 2018 Eleven raised its second Fund, one of the first entirely private VC funds in Eastern Europe, and has since been focused on pre-seed and seed investments. Eleven has been instrumental in catalysing the South-Eastern Europe region’s startup ecosystem. In its IPO in March 2020 – the first-ever for a VC fund in the region – the firm listed its first fund with over 20 portfolio companies on the Bulgarian Stock Exchange under the Eleven Capital public entity.
Along with several rising stars including Nitropack, eBag, Econic, and Ondo, Eleven Ventures’ portfolio includes the unmanned cargo drone manufacturer and operator Dronamics, the leading Kanban platform Kanbanize, the online resume builder Enhancv, the telehealth platform Healee, and the aforementioned Payhawk, SMSbump, and Gtmhub.
What the Founder has to say :
Ivalyo Simov, the founding partner at Eleven Ventures, said, “Our job is to seek out the local heroes in Southeast Europe and give everything we have to support their growth and global outreach. We’re trying to inspire the local entrepreneurial community to look beyond the region’s ecosystem and have more daring aspirations.
“It is incredible to see that the once early-stage founders, currently running mature businesses, are becoming investors in our fund and now supporting the next generation of up-and-coming entrepreneurs to help them become even more successful. The hope is that, by doing so, every subsequent success will be a bit bigger than the one before. Eventually, it will be a factory for successful growth.”
What the Fund’s Backer has to say:
Alain Godard, Chief Executive at EIF (the European Investment Fund), commented on Eleven’s announcement: “Fostering innovation is a priority for the European Union in order to improve well-being and drive prosperity. We are pleased to continue our partnership with Eleven Ventures and proud to back their third fund, which invests in the next generation of technology innovators and entrepreneurs of South-Eastern Europe.”
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