Eleven Ventures announces EUR 60m fund

The vehicle is 10x bigger than its predecessor fund, Eleven Fund II, according to a statement.

The VC firm invests in technology companies in south-eastern Europe. According to a statement in 2021, Fund III held a first close in October 2021, and was launched three years after the launch of Eleven Fund II. Eleven Fund III surpassed its initial target of EUR 50m, which was then increased to EUR 55m.

Much like its predecessor vehicle, the fund will remain focused on pre-seed and seed investments; however, it will also have the flexibility to write larger initial checks of up to EUR 1m and make follow-on investments, according to a statement.

The VC claims that Fund III is one of the first non-generalist funds in the south-east of Europe, and it focuses on five verticals: healthcare, fintech, food, e-commerce technology, and the "future of work" (work-enhancing technology).

Eleven Fund II was launched in 2018 and closed on EUR 6m. According to a statement, the fund had an investment period of two years and was unable to support follow-ons or write bigger checks. Through the new investment vehicle, the VC is able to do both.

Based in Sofia, Eleven has been investing in startups since 2012. The venture capital firm was founded by Daniel Tomov, Dilyan Dimitrov, Ivaylo Simov and Jon Bradford. According to its website, it has made 150 collective investments over the course of nine years. According to Crunchbase, the VC has had four exits to date, including the sale of its stake in SMSBump, an SMS provider for e-commerce platforms, to Yotpo.

Eleven did not provide comments at the time of publication.

Investors
The fund has drawn in 80% of existing investors, including the European Investment Fund. The vehicle's LP-base includes 60 private investors – entrepreneurs and executives who offer mentoring, support follow-on funding, and provide networking opportunities within the VC's portfolio companies. A statement in October 2021 noted that Eleven Fund III is one of the few funds in Europe with an EuVECA licence, which allows non-professional investors from across Europe to invest in the fund.

Investments
Eleven Fund III has made seven new investments, according to a press release. This includes SuperOkay, an online productivity tool for service providers; Frisbo, a Romania-based online e-commerce provider; ProductLead, a SaaS-enabled marketing platform; Matasim, a data-driven training company; Bulgaria-based Plan Delta; and healthcare sector companies Greek Biopox and BeMe.

People
Eleven Ventures – Ivalyo Simov (founding partner).
European Investment Fund – Alain Godard (chief executive).

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