Eleven Ventures closes new €60M fund to invest in startups from Southeast Europe

The Bulgarian venture capital firm Eleven Ventures, which focuses on pre-seed and seed investing in Southeastern Europe (SEE), has announced the final closing of Eleven Fund III at €60 million. It is the tenth time bigger than its previous fund closed in 2018, TechCrunch reports.

  • Eleven Ventures was established in 2012 initially as the first accelerator in the region. Its founders are Daniel Tomov and Ivaylo Simov, later joined by Vassil Terziev.
  • In 2018, Eleven raised its second fund. It was one of the first entirely private VC funds in Eastern Europe that primarily focused on pre-seed and seed investments in Fintech, Healthcare, Future of Work, Future of Food, and Ecomtech since then.
  • The firm’s investment ticket ranges from €250,000 to €1 million.

“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,”

Ivaylo Simov, co-founder at Eleven Ventures, says about the fund.
  • The newly raised €60 million will help develop the quickly growing the SEE region. Reportedly, some €2.25 billion investments were raised by local companies in 210 deals over the last 12 months.
  • The firm has already made seven new investments from the new fund, including the Romanian Frisbo (Ecomtech), ProductLead (Ecomtech), and SuperOkay (Future of Work), the Greek Biopix (Healthcare), the Bulgarian PlanDelta (Future of Work), Metasim (Future of Work), and BeMe (Healthcare).
  • Eleven Ventures’ portfolio includes the drone manufacturer Dronamics, the Kanbanize platform, the online CV builder Enhancv, the telehealth platform Healee, as well as Payhawk, SMSbump, Gtmhub, Nitropack, eBag, Econic, and Ondo.
  • With 150 collective investments over nine years, Eleven Ventures is now at the core of the region development, the firm emphasizes.