Eleven Capital – 2025 Q2 review

2025 Q2 results:

• Eleven Capital recorded BGN 3.22 mln total revenue for Q2 2025. BGN 2.4mln of that came from Net gains from changes in investments value, which was a 97% jump from that in Q2 2024.
• The remaining BGN 0.8mln was dividends from MClimate AD, the developer of Melissa Climate smart home IoT solutions, for BGN 95^th and EnhanCV, the online resume builder platform, for BGN 712th.
• Regarding dividends, another dividend was received by Businessmap OOD, the developer of a system for visual management of processes under the trademark Kanbanize, in the amount of BGN 681th on 07.07.2025.
• The management expenses increased by 24.8% to BGN 196th (from BGN 157th), which was employee expense and those were likely indexed. According to the articles of association of 11C, the annual amount of this expense has to be between BGN 300 th and BGN 400 th. Considering the trend, it will likely reach the upper end by YE 2025.
• Out of 25 companies in the portfolio, the 5 biggest form 81.2% of its worth. The majority of the companies focus on IT or hardware with IoT functionalities. The fund is targeting primarily exits based on substantial capital gain from valuation growth rather than revenue from dividends from established income generating enterprises.
• On the GSM on 25.06.2025 the company approved the 2024 dividend, of BGN 0.70 per share for a total of BGN 1.61mln, representing 4.54% dividend yield.
• The total portfolio grew 4.9%. The largest contribution to the portfolio growth came from EnhanCV, growing 10.9% to BGN 14,595 th, MClimate growing 10.7% to BGN 5,487th, TaxiMe growing 14.6% to BGN 2,903th and NovaLogiInk – growing 10.4% to BGN 2,970th. The financial reports and the notes associated with it, as well as the announcements from Eleven Capital, however, do not show directly what stays behind those valuations and why they have changed with the mentioned amounts. From disclaimers on Note 14 from their annual report, we can make the following conclusions:
• 3.39% of the portfolio value or BGN 1,748 th was derived from the purchase price of investments or offers of more than 12 months before the end of the year. 2.62% of the portfolio value or BGN 1,348 th came from price of investments or offers within the last 12 months. 85.59% of the portfolio value or BGN 44,077 th was derived on the basis of market peers comparisons. 8.39% of the portfolio value or BGN 4,323 th was derived from capital investments (including SAFE instruments) based on amortized cost.
• The largest expected gain in the near future is from one of their main investments – in Dronamics Global. The drone maker raised USD 40mln in Q1 2023 from SDF (Strategic Development Fund of UAE) and had a grant of EUR 10mln in exchange for equity ownership from the European Innovation Council. On 16 October 2023 they signed a letter of intent (LOI) with Dubai-based Emirates Post Group to run a pilot project on same-day middle-mile and long-range deliveries in the United Arab Emirates. On 29.11.2023 the company took another strategic step – they signed with Qatar Airways Cargo, the world’s largest airline cargo carrier. Through the agreement, Dronamics can offer services from any of its drone ports, which include major airports in Singapore, China and USA. Оn 19.03.2024 they secured the second round for EUR 10mln. Currently valued at BGN 68.5mln, the company is expected to increase in value to BGN 391.2mln. On 12.06.2025 they were aproved for an equity investment of up to EUR 30 million under the European Innovation Council (EIC) Strategic Technologies for Europe Platform (STEP). Lastly, on 09.2025 they announced a partnership with Kawasaki Motors for their Black Swan commercial drone.

Full article can be accessed here.