Bulgarian Eleven Ventures joins a €6.3M round for Native Teams

The North Macedonia-founded startup Native Teams has announced the fresh round of investment totaling €6.275 million. Eleven Ventures, Fil Rouge Capital, MFG Invest, and Begin Capital supported the financing to help improve the platform and accelerate the expansion into Asia.

  • Native Teams was founded in 2020 by Jack Thorogood and Alex Mitrevska. The startup specializes in providing work payment solutions, aiming to help individuals and businesses streamline global remuneration within a centralized platform. Native Teams has expanded to over 65 countries with a global team of more than 200 employees across their target markets.

Investment details

The round saw participation from several CEE-based funds:

  • The Sofia-based venture capital fund Eleven Ventures, which supports tech companies from Southeast Europe;
  • Fil Rouge Capital, a Croatian investment fund manager whose funds focus on early stage businesses from pre-seed, seed, and Series A rounds of investment;
  • MFG Invest, a group of angel, Begin Capital, a UK-based VC fund, and others also participated.

The market opportunity ahead of us is probably the biggest sector imaginable: redefining payments for work. This funding round lets our capital-efficient business take the next important steps as we serve ever-broader market segments, to a greater extent, and in a growing number of countries,

Jack Thorogood, CEO and co-founder of Native Teams, said.

Fresh investment will be used to enhance their financial services platform for better product performance in their key markets. Moreover, it will help the enhancement and expansion of their offering into the US, India, and wider Asian region.