Eleven Accelerator Venture Fund has just improved its investment terms. The accelerator keeps investing 100.000 euros in early-stage startups from CEE and beyond but this time under upgraded conditions of 25,000 euros for 8% equity plus 75,000 euros as a convertible note, available to startups after the first month of the accelerator program.
Accelerator’s new terms now give startups an extra level of flexibility especially for IoT and other hardware projects as well as more complex software projects that are in need of marketing. Eleven can still invest up to 200,000 euros in total depending on the startups’ needs, progress and interest from third party investors. In addition, the convertible loan gives accelerated teams more control over the share that Eleven receives for its investment.
Calling For The 7th Generation
Eleven also just opened its 7th application window for new startups, interested in joining the accelerator. As usual, Eleven expects selected teams to join its co-working space, the Roof, in Sofia, Bulgaria for the first three months following the investment so they can take full advantage of program, including mentorship, training and workshops.
The application for Eleven’s new batch is available online and will be open until midnight on June 15th. The selection profess, including applications review, interviews and pitches by the finalists will happen in July with investments following in September. More information is available on Eleven’s website and official fund’s blog.