Eleven Ventures: Four companies join the Eleven Alpha program
Eleven Ventures, the Bulgarian venture capital firm focused on pre-seed and seed investing in Central and Eastern Europe, welcomes its first cohort of “builders” to Eleven Alpha.
Four months ago, the VC announced the launch of its fast-track program geared towards outstanding entrepreneurs in the earliest days of their endeavors. It serves as the founders’ entry to the world of Eleven and comes with a €300.000 investment, a bespoke game plan, and access to the firm’s company-building expertise, wide network, and community of peers. Today, the fund shares more about the four startups embarking on their Eleven Alpha journey.
Bulgarian VC Eleven Ventures launches a €300K program for “builders of the future”
In the search for the next builders of the future, the Eleven team reviewed over 450 applications, from 25 countries. After a rigorous process the fund selected 4 startup teams, which received a signed term sheet in less than two months from submitting their application. The companies that stood out the most and made it into the Eleven Alpha program are Perfeqt (Healthcare, Slovenia), MyTeam (Fintech & Future of Work, Greece), True Insights (Ecomtech, Bulgaria), and FlatAway (Future of Work, Bulgaria).
Perfeqt is an at-home urine test and mobile application that tracks your body’s wellness and provides personalized lifestyle and nutritional advice based on your results. Within the app, the user sees results and explanations about all parameters being tested, and a personalized plan and suggestions for lifestyle/nutrition changes that could improve certain parameters.
Most current alternatives for people who wish to track their health status regularly involve in-person laboratory testing and are inconvenient, timely and more expensive. In addition to that, they give no information about the meaning of the results and are difficult to perform on a regular basis.
MyTeam is a B2B SaaS ecosystem which brings the tech & digital layer in the sports clubs’ management. It helps sport clubs to optimize their daily operations via a single web based platform, while at the same time it allows the athletes (and their parents) to stay up to date with all aspects of their sports life.
Sports clubs still live in the past operationally. They lack comprehensive digital tools to optimize their workflow and processes, currently a symbiosis of paper based approach, augmented with xls, emails, and phone calls. This leads to a high fragmentation and close to zero visibility for the key stakeholders involved. Beyond the pure operational hassle, sport clubs lack proper digital tools to monitor the athletes’ progress and performance, which is fundamental for their future and mutual success.
True Insights is a SaaS product, which helps ecommerce brands and store owners to 1) analyze the quality of their product pages and listings, 2) track and compare products of their competitors, 3) find out what could be improved and 4) receive content improvement advice. The product uses their own AI algorithm to spot the specific elements, their variables and to return results of the product listing state.
Brand/store owners online do not have any idea if their product pages have the right information presented in the best way, оr what to change in order to improve their listings. This leads to poor quality product pages, ultimately resulting in a low conversion rate and brands losing revenue due to resolvable issues.
FlatAway provides housing as a service to the remote generation. The platform features professionally managed properties that can be rented for flexible periods. In addition, it has a subscription model enabling digital nomads to switch places hassle-free, paying the same monthly rent regardless of the location.
Rental platforms are becoming increasingly popular as millennials become the newest generation of home renters. FlatAway addresses the underserved demand of the multi-billion dollar digital nomad rental market, solving the main problems for landlords: operational hassle, piled-up costs, and time-consuming guesswork involved with utilizing multiple property management software providers and services.
Bulgarian FlatAway is raising €500k to accelerate international expansion
What’s ahead for the founders joining Eleven Alpha?
After signing the term sheet the founders started working with the Eleven team on their tailored game plan for the next stage. The team provides constant support and works closely with the selected entrepreneurs providing full access to Eleven’s know-how and resources.
Based on their needs Eleven’s team shall lead the founders through a variety of company building elements like the process of getting to know their customers better, understanding their pains, needs and jobs to be done. The startups will be refining their value proposition, building their product with the customer in mind, crafting the business model and setting the company foundations. As part of the game plan they will be working on the go-to-market strategy, sharpening their sales approach and establishing the fundamentals for growth.
“We got to meet many great entrepreneurs and some amazing projects in just over a month, so it was very hard for us to choose and I’m sure we missed some good ones along the way. The whole region is buzzing with startup activity, and we are very grateful to all local partners, who spread the word for us. We probably just scratched the surface, but the turnout was amazing. We are extremely happy with the four selected companies and their enthusiasm to take full advantage of our platform. We do love working with builders like them,” said Ivaylo Simov, Managing Partner at Eleven.
Bulgarian-founded AgriTech Almacena raises €3.5M backed by Eleven Ventures