Bulgaria's Eleven Ventures launches startup investment programme

Eleven Alpha combines an investment from Eleven Ventures with a three-month programme designed for entrepreneurs currently working on their idea, product and company, the firm said in a statement.

At the start of the programme, Eleven will invest a fixed amount of 300,000 euro ($322,292) in exchange for a 10% stake in the participating companies. The fundraising process will take two months from application to closing.

Accepted startups will then get personalised support from Eleven's platform team, gaining access to all company-building expertise and resources. The companies will work on refining value propositions, customer-centric product development, business model crafting and laying the groundwork for growth.

While Eleven Ventures mainly invests in Central and Eastern European companies, it is open to startups from all over Europe, particularly those in the fintech, healthcare, future of work and sustainable food sectors.

Companies can apply to join the programme by March 7, with the final investment decisions to be made by April 19. The core programme activities will run from May to October.

Eleven Ventures will continue to invest in the top companies that graduate from Eleven Alpha, it said.

As part of its first Eleven Alpha programme, the venture capital firm invested a total of 1.2 million euro in four early-stage startups from Slovenia, Greece and Bulgaria last year.

($ = 0.9308 euro)