According to a recent research, there are roughly 100 startup accelerators and incubators in Europe, investing up to EUR 50,000 in exchange for a 6 to 10% equity stake in the companies*. Eleven Accelerator Venture Fund has just announced Eleven 100 – a call for investing up to EUR 100,000 in more advanced startups, with the option to extend additional up to EUR 200,000 as the projects develop, effectively filling-in the gap between the accelerators EUR 50,000 ceiling and VC’s EUR 500,000 floor available on the market.
2.9 million Euro investemnts in 57 projects over the past 18 months
Eleven has invested 2.9 million Euro in 57 projects over the past 18 months. When it launched in September 2012, the fund applied incremental approach, investing two sequential acceleration rounds of EUR 25,000 each, with the option to follow with up to EUR 150,000 of seed funding. Starting February 1, the accelerator will run in parallel a seed program, targeting more developed projects, and providing 100,000 Euros of equity and debt financing at circa EUR 1 million valuation. Projects that show good progress and traction will be getting additional EUR 100,000 from the fund.
Just as the early stage startups, Eleven will expect later stage teams to join its co-working space, the Roof, in Sofia, Bulgaria for the first three months following the investment, so they can take full advantage of program, including mentorship, trainings and workshops. Spending time in Sofia will also expose the startups to the regional ecosystem and the fund’s extensive international network.
New application window
In the last 18 months, we have been continuously improving our program in cooperation with our partners at Techstars and the Global Accelerators Network. We have built a strong community of mentors, founders and investors around Eleven, and we are now in able to support both early stage and more mature startups, says Dilyan Dimitrov, one of the founders of Eleven. Many strong companies graduate the great startup programs in Europe only to fall into a funding vacuum after this first round as the next available seed tickets start at EUR 500. This creates great opportunity for Eleven and we hope to be able to support many European startups grow and succeed.
The application for Eleven 100 is available online at www.f6s.com/elevenS6, and will be open till midnight on February 28. The selection process, including applications review, interviews and pitches by the finalists to an extended investment committee will happen in the following month, and the investments shall be closed in April. More information is available on the fund’s web site at www.eleven.bg and www.blog.eleven.bg.
For Eleven 100 we are looking for the best projects that are beyond the initial acceleration stage, have found the elusive product market fit and are ready to go ballistic, comments Ivaylo Simov, another partner at Eleven. Best candidates will be companies that are either raising their next funding round, but are still a few months from closing it, or companies that are on the verge of becoming profitable with a small extra push. Having gone through an accelerator recently or having an angel or two on board will definitely improve their chances.
During this application window Eleven will also accept applications from early stage startups under its standard investment terms providing EUR 25,000 in exchange for 8% equity.
Eleven Accelerator Venture Fund is a EUR 12 million acceleration and seed fund, investing between EUR 25,000 and 200,000 into early stage startups. The fundâ€™s focus are projected from Central and Eastern Europe. Eleven is funded under the JEREMIE (Joint European Resources for Micro to Medium Enterprises), a joint initiative launched by the European Commission (Directorate General Regional Policy) and the European Investment Bank group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007 – 2013. So far, Eleven has held 5 general and one specialized application windows, with more than 2000 applicants and 57 approved and funded teams.