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Bulgarian accelerator Eleven announces a call for their next class, to begin in September. A few months ago, we did a post about their current class, which is preparing for a demo day in London from today through Wednesday. Now, we have word that they already announced the call for the next class, which will be their 4th.
Eleven offers teams 50,000 euro for proof of concept and a potential 150,000 euro at the seed stage. The program begins with 3 months of mentorship and training in Sofia, in which teams are offered an initial 25,000 euro in exchange for 8% equity. Having developed their startup, teams can then qualify for an additional 25,000 euro (in which teams agree to hand over another 5% equity) and undergo a further 3 months of development and training. This stage culminates in a demo day in London or Silicon Valley, where they will pitch to investors and meet potential customers or partners. Having completed these initial 2 stages, startups at this point can qualify for a follow-on 150,000 euro (12 months to commercialize at this stage). According to Eleven, the equity obtained at this point is negotiable, but expect that the total figure from the 3 stages will not exceed 30%.
The program is certainly not limited to startups with origins in Bulgaria. They like to see projects with multiple founders, so there are some prerequisites for teams looking to apply. They take a larger stake than another accelerator might. Many founders may be completely fine with this, so those interested should still apply here.
Within the past year, Eleven has emerged as one of the leading accelerators and venture funds in Bulgaria. We have written a lot more about fellow Bulgarian accelerator/VC LAUNCHub, so it’s good now to bring some news about the other major player on the Bulgarian investment scene. Like Lithuanian Practica Capital, Hungarian Finext Startup, and LAUNCHub, funding for Eleven comes from the EU-supported JEREMIE program. Also worth noting is the fact that Eleven is partnered with Google and England-based accelerator Springboard. We have done stories about promising Eleven startups like Serbian VetCloud (nominee at The Europas for “Best CEE Startup”) and like British-Bulgarian startup Unioncy.
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