Bulgarian venture capital is experiencing something of a renaissance. Last year LAUNCHub Ventures raised a €70 million find aimed at South Eastern Europe, while Vitosha Venture Partners raised a €26 million ($30 million) fund for startup out of Bulgaria.
Now Eleven Ventures, another Bulgarian VC focused on pre-seed and seed investing in South-Eastern Europe (SEE) has closed its ‘Eleven Fund III’ at €60 million ($67.6 million). This is 10x the size of its previous fund in 2018. SEE is reportedly doing well, with some €2.25Bn estimated to have been raised by regional companies in 210 deals over the last 12 months.
Eleven has a growing track record. It was the first institutional investor in Payhawk (raised a $112m at a $570 million valuation in November 2021); it was also early into Gtmhub (raised a $120m Series C last year), and is the only VC SMSbump (acquired by US e-commerce marketing platform Yotpo in 2020).
New instruments out this …
