11 Serbian startups in Bulgarian Accelerator Eleven, raised 760.000€ so farBY Zoja Kukic ON August 13
Bulgarian accelerator Eleven is, many would agree, great supporter for regional early strage startups. In Serbia, which for years lacks any institutional support for startups, this fund is very important player in the life of the ecosystem.
In the last batch, another three teams were accepted into this accelerator, which creates a symbolic number – 11 startups in Eleven.
The first Serbian startup to get an investment was VetCloud, a tool for vets to interract with pet owners, went to Sofia for three months to accelerate itself. After that they became first and only Serbian startup in Techstars and have raiseda total of 400.000$ in their seed rounds.
Eleven came to Serbia for the first time shortly after they were founded, in July 2012 and after that kept coming here almoust monthly. 13% of all teams their portfolio come from Serbia, which is second country right after Bulgaria. We talked with Dilyan Dimitrov, Managing Partner of this fund about the Serbian startup scene and difference with the others in the region:
The key difference, though, between what we have seen in Serbia and other countries is, that there is virtually no institutional funding available for startups in Serbia, and it really takes an extra effort to build and maintain an ecosystem without the money being part of it.
In just a few words – the enthusiasm of the several people, around which the Serbian startup society is centered surpassed that of many others, and the hard work these guys are doing has actually created and grown a startup community in an environment, that is more difficult than other countries around.
So far, Eleven invested 760.000 € in Serbian startups and the number of people that worked in these startups is 45 (17 founders and 28 employees).
Serbian startups in Eleven portfolio:
Author Insights – Multi-sided web analytics platform for data-driven evaluation, ranking and comparing of authors & content performance across websites.
Book A Boat – Mobile app that connects the ones looking for river/sea transport to the owners of small local boats.
BeeCloud – Web application that helps beekeepers to manage online their data regarding bee hives, apiaries, inspections, harvest, economy and much more, no matter if you are on the field or in the house
Coprix Media – Educational Apps/Games for detecting & developing new Einsteins and Teslas!
Cyber City – Web and visitor builder for alternative subcultures
DataMaid – Tool for all who deal with a lot of content – photos, videos, notes, audio and social media are finally organized and ready to be utilized.
Farmia – LiveStock Online Market
LegalTrek – The integrated legal practice management solution
Strawberry Energy – Public solar chargers with WiFi
VetCloud – Designed to help vets use their data to interact with pet owners, recommend products based on pets’ medical records, and to ultimately help vets grow their business and transform the way pet care works.
Yanado – Task manager inside Gmail
Seven out of these 11 startups have gone through the Programme of local entrepreneurship education programme, Startup Academy by SEE ICT, which proves that this kind of support is really important for the communities such as Serbian.
Dilyan has also shared with us his impression of startups in their portfoilo and what makes the Serbian ones special:
Serbian startups are some of the best we have, and one thing that really stands out is how these guys stick together and help each other, before, during and after our program. There is an added challenge is you are building a startup in Bulgaria (EU) if you come from Serbia, but this does not seem to affect at all the progress and commitment of the founders, and Serbia teams are among the top achievers in Eleven.
The €12M Bulgarian Fund invests in early stage startups with a focus on CEE region. They have two acceleration programmes where they offer 25k for up to 8% of the company, or 100k for the more advanced companies. Startups can count on up to 200.000€ investment from this fund.