It’s only the beginning of 2015 and the Bulgarian accelerator Eleven announces its last application window for the year and the current fund. After choosing the last cohort of lucky startups, Eleven will also hit the fundraising trail in the second half of 2015, looking to grow stronger and become better with its next 11.2 fund.
Eleven opened its final application window on Feb 2nd and it will accept applications from Turkish startups until March 8th. Despite of the fact that Eleven hasn’t deployed the entire 12 million euro of its capital under management yet, the ninth batch of startups will be the last to receive an investment from the current fund.
What happened so far?
Since September 2012 Eleven has invested 8 million euro, or ⅔ of its fund, in 95 startups, backing almost 300 entrepreneurs from 20 different countries. In the next couple of months the fund will extend around half a million euro initial investment in the 10-15 new startups from its last batch. The remaining 3.5 million euro will be used for follow-on investments in the existing portfolio companies. Currently, a dozen startups have made it to the maximum of 200,000 euro investment coming from Eleven. In the course of 2015, another 20-30 of the most promising companies are expected to receive the full amount.
Only the best will make it
In its last batches, the fund sees that more mature projects apply for its program, and more often invests in already launched, and even revenue generative startups. Combining this with the substantial growth of the Eleven community and the increasing number of referrals coming through it, the fund expects this to be the most competitive application window so far.
To better help the expected large number of applicants, during the application window Eleven’s crew will be hosting open meetings in several cities across the region. Also, after the application window closes, Eleven will hold mini selection days in Belgrade, Zagreb, Bucharest, Plovdiv and Varna. Shortlisted teams will be invited for the final Selection Days in Sofia in the second half of April. More information will be available on Eleven’s social channels (Facebook, Twitter).
What does the future hold?
In the second half of 2015, Eleven itself will hit the fundraising trial, looking to grow stronger and better with its next 11.2 fund. The founders of the fund have already started negotiations with institutional and private investors and are positive that they will continue supporting and investing in CEE entrepreneurs after 2016.
On the photo below: Daniel Tomov, Co-Founder of Eleven