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Eleven Capital is a venture capital firm based in Sofia, Bulgaria, founded in 2012. The firm emerged from its roots as an accelerator, evolving into a publicly listed, evergreen capital vehicle on the Bulgarian Stock Exchange. This structure allows retail investors to access a diverse portfolio of venture capital investments. Eleven Capital focuses on supporting innovative startups and entrepreneurs, particularly in technology and innovation sectors.
As of now, Eleven Capital manages a fund size of approximately $68 million and has completed over 170 deals in technology companies over the past 12 years. The firm has a strong emphasis on early-stage investments, particularly in sectors such as AI, fintech, healthcare, and more. Eleven Capital's commitment to fostering growth is evident in its hands-on approach to supporting portfolio companies, leveraging its accelerator background to provide strategic guidance and resources.
Eleven Capital invests primarily in early-stage companies, targeting pre-seed, seed, seed-plus, and Series A stages. The firm focuses on sectors including AI, SaaS, fintech, healthcare, biotech, consumer, commerce, edtech, food-agtech, and climate. This diverse sector focus reflects the firm’s strategy to back startups with significant growth potential and global ambitions, particularly those originating from Central and Southeastern Europe.
The investment thesis emphasizes supporting technology and innovation-driven companies that can scale effectively. Eleven Capital seeks to partner with founders who demonstrate a strong vision and the capability to execute their business plans. The firm’s hands-on support includes assistance with go-to-market strategies and internationalization efforts, ensuring that portfolio companies are well-positioned for success in competitive markets.
Eleven Capital boasts a diverse portfolio of 10 companies, showcasing its commitment to various sectors. Notable portfolio companies include:
This portfolio reflects Eleven Capital's strategy of investing in companies with strong exit potential, as evidenced by successful acquisitions like SMSbump and Kanbanize.
Valeri Petrov - Co-founder. Valeri has extensive experience in venture capital and entrepreneurship, having played a pivotal role in establishing Eleven Capital.
Vassil Terziev - Co-founder and Partner. Vassil co-founded Telerik, which was acquired by Progress Software, marking one of the largest tech exits in Bulgaria. His expertise lies in scaling technology companies.
Ivaylo Simov - Co-founder. Ivaylo brings a wealth of knowledge in investment strategies and has been instrumental in shaping Eleven Capital's approach to early-stage investments.
Daniel Tomov - Co-founder. Daniel has a strong background in operational management and investment, contributing to the firm’s strategic direction and portfolio management.
To pitch Eleven Capital, founders should use the contact form available on their website or reach out via email at info@elevencapital.bg. A well-structured pitch deck is essential, including details about the business model, market analysis, and team qualifications. Founders should expect a response within a few weeks, and warm introductions are preferred but not mandatory.
In January 2022, Eleven Capital closed its Fund III at €60 million ($67.6 million), marking a significant increase in fund size compared to previous rounds. This fund aims to support early-stage tech companies in Central and Southeastern Europe.
In September 2025, the European Investment Fund (EIF) re-committed to Eleven Capital for a subsequent fund, indicating confidence in the firm’s investment strategy and performance.
What are Eleven Capital's investment criteria?
Eleven Capital focuses on early-stage investments in technology-driven companies with significant growth potential. They target sectors such as AI, fintech, healthcare, and more, looking for startups that can scale and have a meaningful impact in their markets.
How can I pitch to Eleven Capital?
Founders can pitch to Eleven Capital through their website at elevencapital.bg. They encourage direct inquiries via email at info@elevencapital.bg. A well-prepared pitch deck that outlines the business model, market opportunity, and team is essential.
What makes Eleven Capital different from other VCs?
Eleven Capital distinguishes itself through its accelerator roots, providing hands-on support to portfolio companies. The team consists of experienced operators-turned-investors who offer deep insights and connections within the Central and Southeastern European startup ecosystem.
What is the geographic focus of Eleven Capital?
The firm primarily invests in startups based in Central and Southeastern Europe, aiming to support local heroes with global ambitions.
What is the typical check size for investments?
While specific check sizes are not disclosed, Eleven Capital invests across pre-seed, seed, seed-plus, and Series A stages, indicating a flexible approach to funding based on the needs of the startup.
What kind of post-investment support does Eleven Capital provide?
Post-investment, Eleven Capital offers hands-on support, including assistance with go-to-market strategies, internationalization efforts, and access to their extensive network within the startup ecosystem.
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