Bulgaria's Eleven Capital cancels decision to invest in EuroPATC, Maj.io

The board of directors currently feels that the two companies should not be included in Eleven Capital's portfolio, the investment company said in a statement.

Eleven Capital also decided to become a shareholder in local Kidamom Partners, and to acquire 8,154 preference shares in the company from Eleven Fund Cooperatief for 1 euro ($1.1).

Earlier this year, Eleven Capital raised 2.1 million levs in an initial public offering (IPO) on the Bulgarian Stock Exchange which will be used mostly for follow-on investments in its existing portfolio. As part of an internal restructuring started in 2019 the company is transferring around 30 companies from its subsidiary Eleven Fund Cooperatief U.A. which is expected to be completed by the end of 2020/beginning of 2021. The transfer of interest in EuroPATC and Maj.io is part of this process.

Eleven Capital, established in January 2019, is the owner of the portfolio of local venture capital fund Eleven. The Eleven fund was launched in 2012 by Eleven Ventures, as a 12 million euro acceleration and seed fund, which was fully invested in 115 startups over three years. The fund initially benefited from financing from the European Investment Fund (EIF) under the JEREMIE programme.

($ = 0.8491 euro)