Eleven Ventures has raised $67.6 million for a new fund to invest in Southeastern European entrepreneurs
- ByStartupStory | January 26, 2022
Bulgarian venture capital is undergoing a revival of sorts. LAUNCH hub Ventures announced a €70 million fund for Southeastern Europe last year, while Vitosha Venture Partners raised a €26 million ($30 million) fund for Bulgarian businesses.
Eleven Ventures, a Bulgarian venture capital firm specialising in pre-seed and seed investments in Southeastern Europe (SEE), has closed its Eleven Fund III at €60 million ($67.6 million). This is ten times the size of its previous fund, which was launched in 2018.SEE is allegedly doing well, with regional companies raising €2.25 billion in 210 acquisitions over the last 12 months.
Eleven has a long and illustrious history. It was the first institutional investor in Pay hawk (which raised $112 million at a $570 million valuation in November 2021); it was also the first institutional investor in Gtm hub (which raised a $120 million Series C last year); and it is the only VC backing SMS bump (which raised a $120 million Series C last year) (acquired by U.S. e-commerce marketing platform Yotpo in 2020).
The Romanian Frisbo (Eco mtech), Product Lead (Eco mtech), and Super Okay (Future of Work) are among the new instruments from this new fund, as are the Greek Biopix (Healthcare), and the Bulgarian Plan Delta (Future of Work), Metasim (Future of Work), and Be Me (Future of Work) (Healthcare).
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