• The Sofia-based early-stage VC, Eleven Ventures invests a total of €1.2M in the first four startups which enter Eleven Alpha – a dedicated program for supporting pre-seed CEE founders.
• The four regional startups joining the program are Perfeqt, MyTeam, True Insights, and FlatAway, which respectively fall in the healthcare, fintech, ecomtech, and future of work target verticals. 
• Each startup receives a €300K investment for 10% equity, alongside a tailored game plan, and access to all the resources and network of Eleven Ventures.

 

The team of Eleven dubs the terms of the program “Unicorn deal” as they invested on similar terms as the first institutional investor in Bulgarian-born fintech unicorn Payhawk.

“We got to meet many great entrepreneurs and some amazing projects in just over a month, so it was very hard for us to choose and I’m sure we missed some good ones along the way. The whole region is buzzing with startup activity, and we are very grateful to all local partners, who spread the word for us. We probably just scratched the surface, but the turnout was amazing. We are extremely happy with the four selected companies and their enthusiasm to take full advantage of our platform. We do love working with builders like them,” Ivaylo Simov, Managing Partner at Eleven, highlights. 

The Eleven team reviewed over 450 applications from 25 countries, selecting four startup teams after a rigorous process, all of whom received a signed term sheet less than two months after submitting their application.

“We believe that by offering such a deal, which is a bit higher than the standard deal of first institutional investors, we provide founders with peace of mind. Our main goal is to allow them to work on what matters the most during these early stages of development – namely reaching a product-market fit,” Nikola Yanev, Marketing Manager at Eleven Ventures, explains in a previous interview.