- Svetozar Georgiev, Telerik co-founder, business angel, and active mentor and advisor of the growth of the Bulgarian startup ecosystem joins Eleven Ventures, the CEE-focused VC fund, as a partner;
- In his role, Svetozar Georgiev will expand the Future of Work Vertical of the fund with a strong emphasis on AI.
This appointment indicates an expanded focus on artificial intelligence (AI), acknowledging its potential impact on many industries, including Fintech, Healthcare, and the industries of the future—work, and food.
Svetozar Georgiev’s background as a supporter of the Bulgarian tech community
The entrepreneur Svetozar Georgiev is no stranger to the tech community in Bulgaria – his background includes founding Telerik Academy, an educational institution; Campus X, a tech hub; and Telerik, to this date the biggest publicly announced exit of a Bulgarian startup ($262.5M). He will assume the role in May 2023 from Vassil Terziev, an existing partner at Eleven, who will step down from his position to focus on other initiatives.
Georgiev has played a significant part in Telerik’s journey, transforming it from a startup to a global company. He also holds positions as the chairman of the Bulgarian Entrepreneurs Association (BESCO), vice chairman of the “Teach for Bulgaria” foundation, and a member of the Board of Trustees of the American University in Bulgaria.
Strong focus on AI
“Artificial Intelligence is becoming increasingly important for venture capital funds like ours, as it could potentially enhance our investment decisions, support our portfolio companies, and optimize operations,” Daniel Tomov, CEO and Managing Partner at Eleven Ventures commented in the press release. He expressed confidence in Georgiev’s ability to contribute positively to the fund’s future, given the latest trends in AI.
In the coming years, Eleven Ventures plans to support its portfolio companies in integrating AI into their technology products and operations. This strategy aims to foster their growth and competitive capabilities. The fund has also recently brought on board Petar Petrov as Chief AI Officer.
Petrov, an entrepreneur, will be responsible for assisting startups on their path to creating innovative and sustainable businesses using AI. He will work closely with Georgiev and the Eleven leadership team to fulfill the fund’s mission.
These appointments are part of Eleven’s strategy to help startups navigate the AI landscape. The fund plans to assist its startups in two areas – improving their operations through AI and integrating it into team management and daily processes, along with enhancing their core product offerings using AI. This assistance will involve sourcing new tools for executing various tasks, sharing case studies of successful AI integration, organizing entrepreneurial training, and developing methodologies for evaluating the effectiveness of modern technology applications.
*This is a story in development. Stay tuned for more details and an interview with Svetozar Georgiev.