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Bulgaria's Eleven Ventures invests in eight local startups

Author Mario Tanev
Bulgaria's Eleven Ventures invests in eight local startups Author: Eleven Ventures / All rights reserved.

SOFIA (Bulgaria), November 27 (SeeNews) - Bulgarian venture capital fund Eleven Ventures said on Tuesday that it has invested between 100,000 and 300,000 euro ($113,000-226,000) in each of eight local startup companies through its second investment fund, Eleven 2.0.

The eight companies are based in Bulgaria but their products are aimed for the international market, Eleven Ventures said in a statement.

Details about the eight startups follow:

Company Industry Business model
BeeSmart Technologies AgriTech IoT
Colibra InsurTech E-commerce Online Retail E-commerce
Gtmhub Enterprise Software Solutions SaaS
Havelock FashionTech SaaS
NitroPack Developer Tools SaaS
Noble  HR tech Marketplace
SMSBump E-commerce SaaS

Earlier this year, Eleven Ventures said that it will invest 6 million euro in innovative tech companies in Southeast Europe through Eleven 2.0. 

The company plans to invest in about 20 companies with pre-seed ticket sizes starting from 100,000 euro, within the next three years.

The fund may also follow with up to 200,000 euro more and secure full fledged seed rounds of over 500,000 euro for its portfolio companies.

Eleven is a pre-seed and seed VC based in Sofia, Bulgaria with a focus on entrepreneurs from Southeast Europe. Eleven started in 2012 with a 12 million euro acceleration and seed fund, which was fully invested in over 100 startups to date.

($ = 0.8830 euro)