October 7 (SeeNews) - Bulgarian investment firm Eleven Capital [BUL:11C] said that it is planning to increase its investment in Dutch-based content analytics system provider SmartOcto360 by providing a new 50,000 euro ($59,000) convertible loan to the company.
Eleven Capital has previously provided a 100,000 euro convertible loan to SmartOcto360, the investment firm said in a statement last week.
Earlier this year, Eleven Capital raised 2.1 million levs in an initial public offering (IPO) on the Bulgarian Stock Exchange and said it will invest the funds in around 30 of the companies in its portfolio.
Eleven Capital, established in January 2019, is the owner of the portfolio of local venture capital fund Eleven. The Eleven fund was launched in 2012 by Eleven Ventures, as a 12 million euro acceleration and seed fund, which was fully invested in 115 startups over three years. The fund initially benefited from financing from the European Investment Fund (EIF) under the JEREMIE programme.
($ = 0.8491 euro)