Eleven Alpha is geared towards commited founders at a pre-seed stage who are currently working on their idea, product and company.
In some cases, this means coming to us with just a bold idea like the founders of Dronamics. In other cases with a rough prototype and a few paying customers like our first unicorn Payhawk.
The three stages of the program:
Eleven will invest a fixed amount of €300,000 for 10% stake in the participating companies at the start of the program. We call this the “Unicorn deal” as we invested on similar terms as a first institutional investor in Payhawk.
The term sheet is publicly available here.
The program is a mix of on-site and online sessions. On-site sessions will be held in Sofia, Bulgaria, online ones via Zoom.
We are generally investing in Southeast Europe, but we are open to companies from all over Europe.
Industry-wise our strength is in Fintech, Healthcare, Future of Work, Future of Food, although Alpha is open to startups in all domains.
The program is just the beginning of your journey with Eleven. After the end of the 3 months we continue working with your team and supporting your growth as we do with every other #Oneof11 company. We have significant follow-on investment capacity (up to several million EUR per project) and we shall continue to invest in the best companies that graduate from Eleven Alpha.
Yes, actually most of our deals at a similar stage usually involve angel investors as well. However you should note that our deal is fixed, so in essence the post-money valuation is also fixed. If you choose to invite other investors, this means that your pre-money valuation will go slightly down.