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Eleven Bulgaria

Eleven is a EUR 12 million venture fund that provides financing to early-stage startups using an incremental investment approach alongside iterative development – thereby, starting with many small experiments, filter out failures, and invest in successes.

Proof of Concept

During the first 3 months after investment, teams go through a very intensive process of shaping and building their ideas. The goal is for teams to build an initial prototype or a production version of their product and receive structured feedback from their customers and users. The acceleration phase culminates in a Demo-Day. The Fund would invest up to 25 thousand euros at this stage in exchange for 6-8% equity.

Improve

During the 6 to 12 months after the Proof-of-Concept stage teams work on improving their product or service and get to a working repeatable business model. The Fund usually invest additional 25 to 75 thousand euros in the form of equity (in exchange for additional 5-8% stake) or converible debt at this stage of the project, alone or alongside other investors.

Commercialize

Following the second acceleration stage, team are expected to commercialize their product, with emphasis on hitting the global market. Eleven could provide follow-on seed investment of up to 200,000 in aggregate, usually alongside other investors. The equity received by Eleven starts is not expected to exceed 25% cumulatively, after the full investment of 200 thousand euros.

The Fund

Accelerator Venture Fund

About the Fund

Eleven Fund Cooperatief U.A. is a venture capital fund for early-stage enterprises, headquartered in Amsterdam, the Netherlands.

The Fund is focused on innovative ideas, providing equity financing of up to EUR 100,000 for proof of concept, with the ability to invest additional EUR 100,000 as part of a follow-on seed round for an aggregate of EUR 200,000 funding.

Eleven Fund Cooperatief is managed by Eleven Bulgaria LTD.

Investment policy

We invest in early stage high-growth potential companies - our investments vary between 25k and 200 K Euro.

During the first 3 months (acceleration phase) teams go through a very intensive process of shaping and building their idea. The acceleration phase culminates in a Demo-Day, where the teams present their projects in front of potential follow-up investors.

During the next 6 – 12 months teams focus on improving their product or service. Most teams engage in negotiations with international investors and meet potential clients and partners.

During the seed stage, teams aim to commercialize their product or service, with emphasis on hitting the global market. The Fund could provide the top teams with follow-on seed investment of up to 200,000 in aggregate, often alongside other investors.

The equity taken by Eleven starts from 6-8%, but in any case the total (acceleration and seed) stake is not expected to exceed 25%.

Our Portfolio

Eleven invests in startup teams and ideas ready to build successful businesses – making startup escape velocity possible.

  • Playground Energy

    Playground Energy is developing a device (kinetic generator) that transforms kinetic energy (produced from the kids’ play on various playground equipment) into electricity that could activate various playground-installed applications as WiFi, mobile phone charging, LED lights, playing songs to the kids, etc. Apart from Eleven, Playground Energy is also a graduate of Springboard’s IoT program.
    playgroundenergy.com
  • Sensika

    Sensika has developed a cloud-based solution that independently crawls information from millions of web sources, the major social networks and premium content providers, while a multiple-algorithm processing is extracting and enriching information in near real-time, allowing feed actionable and relevant insights to every employee in an enterprise.
    sensika.com
  • VetCloud

    VetCloud is building web based management software for Research and Development of veterinary practice.
    vetcloud.co
  • Eventyard

    Eventyard offers an event management and discovery platform, allowing event discovery and sharing based on personalized recommendations, interests and location.
    eventyard.net
  • CaseTrek

    Case Trek provides Cloud based solution for small and medium law firms.
    legaltrek.com
  • Kidamom

    Kidamom is an online digital media company for parents and children. It offers a subscription-based entertainment platform for kids with animated, educational movies and online games.
    kidamom.com
  • Lionsharp Solutions

    Voiceboard is a software application which runs on off-the-shelf hardware simply brings your presentations to the next level.
    lionsharp.com
  • GymRealm

    GymRealm is developing of a cloud based platform for management of sports gyms and facilities. Leveraging cutting-edge technology to the benefit of sport centers around the world, GymRealm is committed to creating the largest network of gyms, professionals and members.
    gymrealm.com
  • Kanbanize

    Workflow tracking tool, based on the KANBAN methodology. It helps you to visualize your workflow, to boost your productivity and to measure important KPIs out of the box.
    kanbanize.com

Our Team

Eleven was set up in 2012 by three investment professionals and long time friends with thourough knowledge of the investment landscape in CEE, supported by Mr. Jon Bradford, a startup investment expert with a dozen early stage investment funds under his belt.

Daniel Tomov Managing Partner

The guy credited for getting Google, Springboard and many of the other Eleven partners on board. He is acknowledged as the pioneer of IT seed funding in Bulgaria. After launching his own successful renewable energy startup, Dani began investing in and opening doors for others.

Dilyan Dimitrov Managing Partner

He is known for his venture capital prowess, but once you get to know him, you will recognize that his creativity and capacity for lighting-speed multi-tasking are also key talents.

Ivaylo Simov Managing Partner

Ivo devised Eleven’s strategy. He was previously a director in a private equity fund, but now wants to change the VC industry from the bottom up.

Contacts

De Boelelaan 7, 1083HJ Amsterdam, The Netherlands
4, Gen. Y. V. Gurko Street, Floor 2, 1000 Sofia, Bulgaria
fund[at]eleven.bg