Eleven Ventures

What Eleven Ventures does

Eleven Ventures is a privately held early-stage venture capital fund founded in 2012 in Sofia, Bulgaria, that backs technology founders across Central and Eastern Europe (CEE) with cheques from pre-seed to Series A. The firm invests across four stated verticals — Fintech, Future of Work, Healthcare, and Climate and Sustainability — and operates a three-office footprint in Sofia (headquarters), Athens, and Amsterdam. Its core capital vehicle is the Eleven Capital fund, complemented by the Eleven Founders Fund (launched 2018) and the Eleven Alpha program with a publicly published founder-friendly term sheet.

Beyond capital, Eleven sells a structured beyond-capital offering branded the Eleven Platform — described as the 'Swiss Army Knife' for portfolio founders — which bundles playbooks, mentorship, operational guidance and post-investment resources on ESOP design, fundraising, M&A and AI visibility. A distinctive second revenue and distribution line is the Visa Innovation Programme Europe, which Eleven has co-managed with Endeavor Greece since 2019 and which spans 15 countries with 1,900+ cumulative applications and 110+ collaborations with the Visa ecosystem. The firm monetizes through standard VC mechanics (management fees and carried interest on its fund vehicles) plus undisclosed program-management fees from the Visa collaboration.

The portfolio of roughly a dozen named companies spans fintech (Payhawk, Native Teams, Flow, Moveo.AI), AI (Eilla AI, Bitloops, Outfindo), logistics (Dronamics), FMCG commerce (nFuse), and preventive health (Blue Longevity Clinic). Marquee outcomes include Payhawk's $112M Series B at a $570M valuation (led by Greenoaks, 2021), Dronamics' Beam IPO (€3M, 4.5x oversubscribed), Flow's acquisition by SnelStart (July 2025), and SMSBump's earlier exit to Yotpo. Deal sourcing is community-led (warm introductions, founder referrals, #Oneof11 network) supplemented by the structured Visa application funnel and the annual Founders Weekend gathering. The fund uses AI internally to compress analytical work and accelerate deal screening, and increasingly productizes founder-facing thought leadership (AI Visibility Playbook, M&A in 2026, Global Energy Transition).

Name

Eleven Ventures

Legal name

Eleven

Website

https://11.vc

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Eleven Ventures is a Sofia-based early-stage VC fund founded in 2012 that backs Central and Eastern European technology founders across fintech, AI, healthcare and climate. It combines a core capital vehicle (Eleven Capital) with the structured Eleven Platform and co-management of the Visa Innovation Programme Europe.

Ownership category

akta.pro rank

Product category

Venture Capital / Early-Stage Investment

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

akta.pro secondary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital fund
• Early-stage investing
• Startup financing
• Founder support
• Corporate innovation programs

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Venture capital fund returns: Early-stage venture capital fund (operating since 2012) with 'Eleven Capital' arm. Generates revenue via management fees and carried interest from equity investments in portfolio companies; realized exits include SMSBump to Yotpo, Flow to SnelStart, and Eilla-led deals.
2. Corporate Innovation Program management: Eleven manages the Visa Innovation Programme Europe (in collaboration with Endeavor Greece) — a fintech startup scouting and acceleration program running across 15 countries since 2019.

Go-to-market motion3 records

Core offering

Eleven Ventures is an early-stage venture capital fund that invests pre-seed through Series A in technology companies across Central and Eastern Europe, with stated focus areas in Fintech, Future of Work, Healthcare, and Climate/Sustainability. Beyond capital deployment, the firm operates the Eleven Platform, a structured post-investment support offering providing portfolio founders with playbooks, mentorship, networking, and operational guidance. The firm also co-manages the Visa Innovation Programme Europe alongside Visa and Endeavor Greece, a fintech startup scouting and acceleration program operating across 15 countries.

Product overview

Eleven Ventures is a venture capital firm rather than a SaaS company; its offering combines a single core capital vehicle (Eleven Capital) with a layer of structured founder-support services. The core fund backs early-stage technology companies across Central and Eastern Europe, while the Eleven Platform bundles the beyond-capital toolkit (playbooks, guides, networking, ESG/governance content and events such as Founders Weekend) provided to portfolio founders. Adjacent branded offerings include the Visa Innovation Programme Europe (a fintech accelerator co-run with Visa and Endeavor Greece), the recurring Founders Blend newsletter, the annual Founders Weekend community event, and downloadable content resources such as the AI Visibility Founders Playbook. Together these form the firm's overall product/service stack for the founders it backs.

Differentiator

Problem solved

Functional benefit

Brands

• Eleven Capital: Distinct capital/investment vertical presented as a separate section on the Eleven website (linked via the /eleven-capital/ navigation tab).
• Eleven Platform
• Eleven Alpha
• Visa Innovation Program Europe

Products and services

• Eleven Capital Flagship venture capital fund of Eleven Ventures that deploys equity capital into early-stage technology companies across Central and Eastern Europe, generating returns through management fees and carried interest on portfolio investments.
• Eleven Platform Structured post-investment support offering for Eleven's portfolio founders, providing playbooks, mentorship, operational guidance, fundraising support, ESOP/board governance resources, and AI visibility tooling as a complement to capital deployment.
• Visa Innovation Programme Europe Multi-country fintech startup scouting and acceleration program co-run by Eleven Ventures with Visa and Endeavor Greece, focused on AI, agentic commerce, B2B solutions, money movement, open finance and data, providing selected fintech startups access to the Visa banking and payments ecosystem.
• Eleven Founders Weekend Annual community gathering for Eleven portfolio founders combining on-stage talks from operators and investors, peer-to-peer mentorship sessions, and shared activities that reinforce the firm's #Oneof11 founder community identity.

Quantifiable outcome

• Payhawk raised $112M Series B at $570M valuation, expanding to U.S., Netherlands, Australia and Singapore
• +6 more outcomes

Named customers12 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered knowledge/m&a advisory partner, flagship strategic partnership, flagship co-running partner and network ecosystem partner.

• Carlsquareknowledge/m&a advisory partnerStrategic or Co-development Partner · 7 April 2026Carlsquare Partner Michael Ivanov participates in Eleven's weekly meetings as a guest speaker; co-produced insights on M&A trends in 2026 covering retention, AI value accrual, PE-driven M&A, and sector opportunities.
• Visaflagship strategic partnershipStrategic or Co-development Partner · 1 January 2019Visa and Eleven co-run the Visa Innovation Programme Europe, a fintech startup program operating across 15 countries since 2019. The program focuses on AI, agentic commerce, B2B solutions, money movement, open finance and data; the 2026 cycle received applications from Cyprus, Greece, and Malta (rising ~50% YoY) and will run until November 2026.
• Endeavor Greeceflagship co-running partnerStrategic or Co-development Partner · 1 January 2019Eleven and Endeavor Greece jointly implement the Visa Innovation Programme Europe. Together they scout, select, and accelerate fintech startups from Cyprus, Greece, and Malta (and the wider 15-country footprint), facilitating collaborations with the Visa ecosystem.
• Sopharmanetwork ecosystem partnerOthersSopharma appears in Eleven's corporate innovation network alongside Visa, providing ecosystem reach for the Visa Innovation Programme Europe.
• Raiffeisennetwork ecosystem partnerOthersRaiffeisen is part of Eleven's corporate innovation network supporting the fintech startup ecosystem.
• AurubisOthers

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• LAUNCHub Ventures: Bulgaria-based early-stage VC focused on CEE tech startups. Most direct peer — frequently co-invests with Eleven (e.g., nFuse €1.7M seed, April 2026) and operates a similar pre-seed/seed thesis across the same founder pool in Sofia and the wider Balkan/CEE region.
• Neveq (formerly Romanian-American Enterprise Fund): CEE-focused early-stage investor active in Bulgaria and Romania. Comparable regional seed investor targeting local CEE founders; similar check-size profile and sector mix (fintech, SaaS).
• Kaya VC: Prague-based early-stage VC investing across CEE with sector breadth including fintech, SaaS and deep tech. Comparable as a Central European early-stage investor with similar founder-support platform services and regional deal-flow network.
• Credo Ventures: Prague-based early-stage VC focused on CEE founders and tech startups. Comparable regional seed investor with similar portfolio diversity (SaaS, fintech, marketplaces) and check-size profile.
• Flashpoint Ventures: CEE-focused early-stage VC with presence in Bulgaria, Romania, and Ukraine. Comparable seed-to-Series A investor with regional brand and similar portfolio strategy in CEE-born tech companies.
• Day One Capital: Budapest-based early-stage VC focused on CEE tech founders. Comparable regional seed investor with similar fund-size profile and portfolio diversification across fintech, SaaS, and AI categories.

Broad incumbents

• Speedinvest: Vienna-based early-stage VC with deep CEE presence and sector-specialized funds (fintech, deep tech, health). Comparable as a pan-European seed-to-Series A investor; Speedinvest co-invested in Dronamics (via Pioneers Festival prize), directly overlapping with Eleven's portfolio.
• Earlybird Digital East Fund: Berlin-based early-stage VC with a dedicated CEE/Eastern European fund. Operates in the same early-stage CEE tech category with similar fintech and software thesis; broader fund size allows larger checks but comparable regional focus.
• Endeavor Catalyst: Co-running partner of the Visa Innovation Programme Europe with Eleven. While primarily a global high-impact entrepreneurship support organization, its investment arm invests in growth-stage founders and shares the Visa program partnership and CEE deal-flow overlap.
• 3TS Capital Partners: Central European growth capital investor with regional focus. Comparable as a CEE tech investor with broader fund size and later-stage focus; serves as a potential follow-on investor for Eleven's portfolio companies.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/elevenbg
• YouTubeyoutube.com/user/ElevenAccelerator
• Facebookfacebook.com/elevenbg
• LinkedInlinkedin.com/company/eleven-ventures-11

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments326 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eleven Ventures