Search for...

Eleven Ventures seals its third SEE-focused fund at €60M 

The team of Eleven Ventures
Image credit: The team of Eleven Ventures
, ~

The Sofia-based pre-seed and seed venture capital firm Eleven Ventures makes the final closing of its Eleven III €60M fund. The news comes only three months after the announcement for the first closing at the end of October 2021. 

The size of the fund is tenfold the size of its previous fund, thus allowing Eleven Ventures to expand its investment focus to regional markets. Eleven Fund III is backed by many of the previous public and private investors, including the European Investment Fund (EIF), and over 60 individual investors, entrepreneurs, and executives with international experience.  Besides being capital contributors, the Limited Partners of the fund will add value to portfolio companies by offering them follow-on funding, mentoring, support, and network access.

“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,” Ivalyo Simov, founding partner at Eleven Ventures, comments in the press release. 

Strategy, Target Verticals, and positioning in the regional VC ecosystem

Here is a summary of “All you need to know about Eleven III Fund” if a SEE founder. 

  • The new fund will stretch beyond the local ecosystem and will eye tech pre-seed and seed startups from the whole SEE ecosystem. 
  • The investment term of the fund is 4-5 years, while its lifecycle is 10 years. 
  • Five target technology verticals – Fintech, Healthcare, Future of Food, Future of Work, and Ecomtech (e-commerce technology). With such an investment focus, Eleven Fund III differentiates from other regional early-stage funds that are usually industry agnostic. 
  • Ticket sizes will reach up to €1M and there will be more opportunities for follow-on rounds (between €2.5M and €3M). 
  • The percentage of equity may also increase to 15% from the previous 10-12%.  
Read more:  Morningside Hill VC invests over €3M in four Bulgarian startups

The investments of Eleven Fund III

Throughout 2021, Eleven Ventures made seven investments, all of which were financed by the new fund. These were the rounds of the Romanian e-fulfillment startup Frisbo, the digital marketing platform ProductLead, the agency-client workflow platform SuperOkay, the Greek molecular diagnostics device Biopixthe Bulgarian agile financial budgeting tool PlanDelta, the softs skills VR training startup Metasim, and the AI app for neurodiverse individuals BeMe

In a previous interview for The Recursive, Simov has shared that the main deal flow is expected to come from Bulgaria, Romania, and Greece. The goal of Eleven III is to make around 7- 8 investments per year. 

 

Help us grow the emerging innovation hubs in Southeast Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the SEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

Elena is an Innovation Reporter at The Recursive, an online media dedicated to the emerging tech and startup ecosystems in Southeast Europe. She is keen on sharing the innovation stories that shape the regional ecosystem and has a great interest in fintech, IoT, and biotech startups. Elena is currently finishing her Bachelor's Degree in Business Administration and Political Science at the American University in Bulgaria.