November 23 (SeeNews) - Bulgarian investment firm Eleven Capital [BUL:11C] said that it has decided to invest a further 50,000 euro ($59,000) in local startup company 3 EN 3.
Eleven Capital will acquire 29 new shares in the whiteboard paint maker as part of a capital inrease, the investment company said in a statement on Friday.
The deal has not yet been finalised, Eleven Capital noted.
3 EN 3 produces whiteboard paint under the Escreo brand.
Earlier this year, Eleven Capital raised 2.1 million levs in an initial public offering (IPO) on the Bulgarian Stock Exchange and said it will invest the funds in around 30 of the companies in its portfolio.
Eleven Capital, established in January 2019, is the owner of the portfolio of local venture capital fund Eleven. The Eleven fund was launched in 2012 by Eleven Ventures, as a 12 million euro acceleration and seed fund, which was fully invested in 115 startups over three years. The fund initially benefited from financing from the European Investment Fund (EIF) under the JEREMIE programme.
($ = 0.8407 euro)