In the third quarter of 2024, the European venture capital market experienced one of its quietest periods in years, with the total value of investments reaching $12.5 billion, according to a KPMG report. Despite this, MFG Invest continued to strengthen its portfolio and support promising companies during this three-month period.
As part of our long-term commitment to Eleven Ventures, MFG Invest invested €100,000 in Eleven Fund III. The fund primarily focuses on pre-seed and seed investments in Southeast Europe. As of September 2024, the fund’s portfolio included 32 companies, among them Almacena, BeMe AI, and Native Teams.
Despite the overall decline in market activity during July-September 2024, several companies in our portfolio demonstrated significant progress and achieved remarkable success:
– eBag, the leader in Bulgaria’s online shopping market, increased its revenue by over 40% in the past year, reaching BGN 100 million by August 2024.
– Hydrogenera achieved a fivefold growth compared to the same period in 2023, successfully completing two key projects with the potential for new contracts.
– Native Teams increased its monthly recurring payments by 130% and expanded its team with a new Chief Operating Officer and Brand Manager.
Several companies in our portfolio are preparing for their next funding rounds, in which we plan to participate. This will further reinforce our commitment to the long-term prospects of the companies we support.
