Based in the old communist era telephone company building, Eleven Accelerator Venture Fund has launched with €12 million. The money comes from the European Union’s Jeremie, the Joint European Resources for Micro to Medium Enterprises, which is almost an acronym.
Tech Crunch says that Eleven has some impressive partners, including Springboard and Google.
“Targeting teams in Central and Eastern Europe (although, interestingly, the accelerator will accept applications from anywhere), Eleven is offering startups €50,000 in funding for 10-15% of equity with a remit to help them go from discovery to validation, taking them past an initial MVP to be seed and series A investment ready. To that end, a follow on seed investment of €150,000 will be on offer to around one third of the graduating startups for up to an additional 15% equity — so the opportunity really is their’s to lose.”
