Eleven Ventures, the Bulgarian venture capital firm focused on pre-seed and seed investing in South Eastern Europe, announces the launch of the second edition of Eleven Alpha – a three-month program geared towards outstanding entrepreneurs in the earliest days of their endeavors.
The program serves as the founders’ entry to the world of Eleven – together they work on a tailored product-market fit roadmap and get access to the firm’s company-building expertise, wide network, and community of peers.
“For us, the first edition of Eleven Alpha was a return to Eleven’s roots. We were looking for “builders of the future”, met many and invested in a few. Today, we’re ready with version 2.0, which is better than anything we’ve done in the last 11 years,” says Ivaylo Simov, Managing Partner at Eleven, commented on Eleven Alpha.
Who is Eleven Alpha for?
The team of Eleven Ventures wants to be the earliest partner for aspiring entrepreneurs. Eleven Alpha is geared towards committed founders at a pre-seed stage currently working on their idea, product, and company. This could mean having just a bold idea and a rough prototype or a few paying customers. Eleven’s four priority verticals – Fintech, Healthcare, Future of Work, and Sustainable Food, stay in focus.
The Eleven Alpha Program comes with a standard deal of €300,000 for 10% equity, a founder-friendly term sheet, and just two months from the moment of application to the closing of the deal.
The application process is simple, fast, and straightforward, allowing founders to remain focused on their business. It consists of a short application form (a pitch deck is needed), a meeting with Eleven’s investment team, and a meeting with the selection committee if the startup passes the preliminary screening.
Apply here until March 7th, 2024.
From Alpha to Beta
After signing the term sheet, founders get access to all company building know-how and resources of Eleven. The team provides constant support and works closely together with the founders to develop a tailored game plan helping them get to the coveted product-market fit and reach the next stage. The program is divided into 3 phases:
- Discover, where founders will be able to get to know their customers better, talk to them, and understand their pains, needs, and jobs to be done. This is when they set the foundations for building their company.
- Design, where founders define the value they bring to customers, learn to build a product their clients want, design the business model and learn how to modify it, test and validate their hypothesis.
- Deliver, where founders build a go-to-market strategy, start selling, establish the fundamentals for growth, and prepare the ins and outs of their fundraising strategy.
What happened in the first edition of the program?
In the search for the next builders of the future in the first edition of the program, Eleven Ventures’ team reviewed over 450 applications from 25 countries. After a rigorous process, the fund selected four startup teams – the Bulgarian companies Flataway and TrueInsights, the Greek MyTeam, and the Slovenian Perfeqt.
Throughout their journey in the Eleven Alpha program, the teams progressed exceptionally well. One of the companies achieved a 10x monthly revenue growth within a year, another increased 7x its customer base, while a third one pivoted in its ICP and augmented the product.
“It wasn’t a template program, where you’d have a go-to-market session for all participating companies. For us, it was extremely valuable that everything that we were taught and did during the workshops was super tailored to our business and the work we do”, shares Boris Pavlov, co-founder and CEO, FlatAway.