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CORRECTED - Bulgarian VC firm Eleven Ventures completes first closing of 60 mln euro fund

CORRECTED - Bulgarian VC firm Eleven Ventures completes first closing of 60 mln euro fund Founders of Eleven VC

SOFIA (Bulgaria), October 21 (SeeNews) - In SeeNews story "Bulgarian VC firm Eleven Capital completes first closing of 60 mln euro fund" dated October 19 please read in the headline "Bulgarian VC firm Eleven Ventures completes first closing of 60 mln euro fund" (Corrects name).

Please, also note that the name "Eleven Capital" throughout the text has been corrected to "Eleven Ventures" to comply, paragraph 7 has been rephrased and paragraphs 8 and 9 have been replaced by a new paragraph 8 to remove reference to Eleven Capital.

A corrected version follows:

Bulgarian venture capital (VC) firm Eleven Ventures said on Tuesday that it successfully completed the first closing of a 60 million euro ($69.9 million) fund, Eleven Fund III.

"Eleven Fund III, our third fund as the name suggests, is officially up and running as of October. Most of the private investors are already on board and we plan to have our final closing by year-end," the company said in a statement.

The third fund will be ten times bigger than its predecessor Fund II.

"Our commitments are already at 90% of that, exceeding our initial target of 50 million euro, which was later updated to 55 million euro, and we are just a few weeks off from reaching our hard cap of 60 million euro," the VC firm said.

Eleven Ventures also said that it will keep its focus on pre-seed and seed investments, however, it will have the capacity to write larger initial checks (up to 1 million euro initially) and make more follow-ons than before.

Eleven has already invested in seven startups including, ProductLead, Biopix-T, and SuperOkay, with three more to be announced in the coming weeks and a few more in the making by year-end, it added.

Eleven noted that it achieved the first closing of Eleven Fund III in less than a year.

According to information published on its LinkedIn profile, Eleven Ventures is a Sofia-based pre-seed and seed VC with a focus on entrepreneurs from South-Eastern Europe. In early 2018 Eleven closed its second entirely private Eleven Founders Fund, which will invest in 6-8 companies per year with an initial investment of 100,000 euro per project and the ability to follow up and arrange rounds of over 500,000 euro for its portfolio companies.

(1 euro = 1.95583 levs)