Come April, the Roof will be a much more playful space. We are happy to announce the launch of the application process for our first games-only cohort, together with one of the largest players in the online games industry in the region – XS Software.
In our first and second application windows (summer and fall of 2012) we saw a number of game startups, and we liked many of them. However, we aim to provide startups with Smart Money, rather than just money, and support them with expertise, know-how, and network that can help them grow faster, and we did not feel we can do that. At least until now.
XS Software, one of the leading international companies specializing in browser games for over 7 years now, and headquartered in Bulgaria, has joined Eleven for its games cohort. XS Software will support the teams, invested by Eleven, in a number of ways, including:
- know-how and mentorship through the Idea – StartUp – MVP - Post release period;
- advice on game design, platforms, and business model;
- advise on structuring metrics and data collection from the very beginning so teams can take the best decisions for their game;
- advise on marketing and publishing strategy for the games;
- advise on the technical side of the backend of the game in order to reach flexibility and scalability;
- set goals and targets to reach a more successful product;
- prevent teams from taking the wrong decision on an early stage, thus saving money, effort and time;
- connections and strategic partnerships worldwide;
- access to the international gaming community.
That said, we are now ready to provide significant value added, on top of our investment, so game startups can really make a great impact with their projects.
Game teams shall apply to our game cohort at www.f6s.com/Elevengames. We are currently taking applications and our application window will stay open until Sunday, February 17, 24:00 (EET, GMT+2). Shortly thereafter, our Investment Committee, with the support of key members of XS Software team, will review and shortlist the top 50 applications, and schedule interviews over skype with the founders. The best projects will be invited to demonstrate their game to our Investment Panel during the second week of March.
The finalists will get funding and join Eleven’s game program in early April. For three to six months teams will work closely with the team of XS Software to develop their game and get it launched on a test market (usually Bulgaria). Once initial metrics are available, Eleven may decide to follow up its initial investment with another EUR 175,000 for global expansion and commercialization.
The rules of the game
Just as with other projects, anyone from anywhere can apply. We don’t have any limitations in geography as long as teams feel comfortable relocating to Sofia for the first 3 to 6 months of their project, where they will have the amazing opportunity to stay at the Roof – our awesome co-working space where all the magic happens.
Eleven will fund the companies with up to EUR 25,000, for up to 8% equity, but each individual project will be assessed based on quality, progress, and potential, and different terms may be suggested at the end of the selection process.
XS Software will support the projects with all its resources, and based on the expected involvement of the company with each individual projects, the founders shall agree with XS Software, on the specific terms of their involvement, including an equity share similar to Eleven’s one to be awarded to XS for the provided resources.
Looking forward to seeing your games at www.f6s.com/Elevengames, and playing together.