Eleven, a venture capital fund planning to invest 12 million euro in start-up businesses from Bulgaria, has selected nine local companies which will receive 50,000 euro ($61,400) backing each.
The financial resource of the fund, which is supporting entrepreneurs from across Southeast Europe, is secured under the Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative.
Nine start-ups from Bulgaria, one from Romania and one from Turkey will get two tranches of 25,000 euro, entering Eleven's mentoring programme as of September, it said in a press release on Tuesday. In the so-called mentoring programme, the eleven start-ups will receive assistance of professionals from different fields, which will help them in developing their business models. They have to be ready to release the products on the market within six months, after which they will be able to apply for additional funding for marketing purposes.