Eleven Ventures (Bulgaria)

Eleven Ventures is a leading early-stage venture capital firm based in Sofia, Bulgaria, focused on supporting technology startups across Southeast Europe since 2012. Its mission is to empower local entrepreneurs—referred to as "local heroes"—to build globally competitive companies by providing not only capital but also strategic guidance, mentorship, and access to a broad network. The firm primarily invests in high-potential sectors such as Fintech, Healthcare, Future of Work, and Sustainable Food, aiming to catalyze innovation and sustainable economic growth in the region. Over the past decade, Eleven Ventures has made over 260 investments, including notable successes like Payhawk (Bulgaria’s first unicorn), SMSbump, and Dronamics, demonstrating strong growth momentum and influence in the Southeast European startup ecosystem[1][2][3][4].

Founded in 2012 by Daniel Tomov and Ivaylo Simov, later joined by Vassil Terziev, Eleven Ventures began as one of the first accelerators in Southeast Europe and evolved into a full-fledged venture capital firm. The founders leveraged their deep understanding of the regional market and entrepreneurial challenges to build a fund that combines financial investment with hands-on operational support. Early traction came from backing startups that scaled internationally, validating their approach and enabling the firm to raise increasingly larger funds, including a €60 million fund in 2022—ten times the size of its previous fund—reflecting growing confidence in the region’s tech scene[2][1].

Core Differentiators

• Unique Investment Model: Eleven focuses on early-stage investments (pre-seed and seed) with initial tickets typically between €250K and €1.5M, often leading rounds and maintaining active involvement as the "first believer" in startups[4].
• Network Strength: Privately funded by over 80 successful tech and industrial entrepreneurs from Central and Eastern Europe (CEE) and beyond, Eleven offers startups access to extensive networks, follow-on funding, and industry expertise[4].
• Track Record: With 150+ portfolio companies and over 260 investments, Eleven has a proven ability to identify and nurture winners, including multiple successful exits and unicorns[1][3].
• Operating Support: Beyond capital, Eleven provides mentorship, strategic guidance, and community-building initiatives such as founder retreats and peer discussions, fostering a collaborative ecosystem[2][4].

Role in the Broader Tech Landscape

Eleven Ventures rides the wave of growing digital transformation and innovation in Southeast Europe, a region increasingly recognized for its tech talent and startup potential. The timing is favorable due to rising investor interest, expanding local entrepreneurial ecosystems, and the global demand for innovations in fintech, healthcare, future of work, and sustainability. Eleven’s role extends beyond funding—it acts as a catalyst for regional economic development by helping startups scale globally, thus positioning Southeast Europe as a competitive player in the international tech market[1][2][3].

Quick Take & Future Outlook

Looking ahead, Eleven Ventures is poised to deepen its impact by leveraging its expanded fund size and network to support more startups through their growth journeys. Trends such as digital health, remote work technologies, and sustainable food innovation will likely shape its investment focus. As the firm continues to back "local heroes" with global ambitions, its influence in shaping Southeast Europe's tech ecosystem and connecting it to global markets is expected to grow, reinforcing its position as a cornerstone investor in the region[2][4][5].