The Bulgarian venture capital fund, Eleven has launched a new round of financial support competition for regional startups with the budget of 6 million EUR.
According to the website www.11.me , where startups can apply for the financial support, the new round of funding for innovation and technology in Southeast Europe, called Eleven 2.0 – the Founders Fund, has been launched.
The fund is totally private and supported by technological entrepreneurs, managers of large companies from Bulgaria and the USA, as well as from successful entrepreneurs coming from traditional industry. The names of the investors, for now, are undisclosed.
According to their press release, in the next 3 years, they will support 20 companies in a pre-seed phase with an injection from 100.000 EUR. In exchange, they will take 10-12 % of the stakes in the company. Depending on their development and need, the fund potentially could invest up to 200.000 EUR.
Eleven has invested in more than 150 companies to date. According to their official data, Eleven is among the top 5 most active early stage investors in Europe. For those who never heard of Eleven before, it is a pre-seed and seed VC based in Sofia, Bulgaria with a focus on entrepreneurs from South Eastern Europe.
In Serbia alone, Eleven has provided financial support to 13 startups, mainly those engaged in the computer hardware segment.
(Vecernje Novosti, Tanjug, 17.02.2018)
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