Vesselina Markova, fintech manager at the venture investment fund Eleven, Current, 07/02/2022
20:03 | July 2, 2022
Bulgaria may have a second unicorn company within half a year to a year. He made such a prediction Veselina Markova, fintech manager at venture investment fund Elevenin the show UpDate with host Boycho Popov.
“The second Bulgarian unicorn may once again be a fintech companybut there are other industries that are undermining in the current conditions – including the health sector and the future of work,” Markova pointed out.
Submit a Comment on Venture Funds Amid Turbulent Economic Conditions Globally. In the words of the guest, “in Europe and on a global scale, even in Bulgaria, there is enough capital collected in the funds for risk investors who are invested or expect to be invested in promising companies”.
According to Markova, the cooling in the rate at which you invest the funds, a lot of new opportunities appear in the current conditions.
“-Sober valuations are in the initial phases of investments the last high… Over the years you have more pronounced dynamics and companies came to investors with much higher valuations and more ambitious expectations and plans. There is a bit of a downward correction at the moment.”
The guest gives advice to young entrepreneurs, highlighting the importance of companies being adaptable.
“It’s perfectly normal for start-ups to adapt their business plans. The advice we give them is not to panic and not to give in to rash actions provoked by this panic; maintain sufficient cash reserves to meet unforeseen needs; to have different scenarios of what happens if, for example, they lose their biggest client,” says Markova.
She adds that in addition to the fundamentals – which show the solution to the big problem, the outstanding technology – young entrepreneurs must also have a good team behind the current idea.
“Entrepreneurs need to be very honest and upfront in their communication with investors in terms of their plans, not oversell their enthusiasm in the metrics they communicate to investors – this very quickly shows up in the aftermath, be mostly focused.”
Regarding the changes in the work process after the coronavirus pandemic, Markova presented that remote work has its advantages in defining situations, but in general, online formats have caused great damage to the industry.
“Superimposition of factors such as distance, cultural differences, language barrier is likely enough that there will be some misunderstandings or the need for more time, whereas physical contact … is much more valuable. Physical interactions are extremely important.”
Eleven is investing in a third fund with good dynamics, it became clear from the conversation. The fund bets on fintech projects; projects focused on the future of health; projects that aim to change the future of food; projects that target change in the future of work.
“There is a serious influx of interesting companies from the region and Europe. The influx of projects from the health sector is very pronounced,” Markova also said.
See the entire conversation in video material.
Video with all the guests of the show Update watch here.