Venture capital firm Breega raises initial $75 million for Africa-focused investment fund.
French venture capital firm Breega is broadening its horizons, announcing plans to invest in startups across additional African markets beyond its previous focus in Europe. This move marks a significant milestone for the firm, as it marks its entry into a new region with the launch of its sixth fund, Africa Seed I.
The Africa Seed I fund, Breega's first investment focus outside of Europe, is designed to support early-stage startups in Africa. This new fund is Breega's fifth, not including the Africa Seed I fund mentioned earlier. The total assets under management by Breega now exceed USD 770 million, considering the USD 700 million from the previous four funds and the approximate USD 70 million from the first close of the latest fund.
Breega plans to invest between USD 100,000 and USD 2 million in startups across the Big Four African markets: Nigeria, Egypt, South Africa, and Kenya. The firm will primarily focus on investing in startups from these countries with the Africa Seed I fund.
In addition to these markets, Breega also targets investing in Francophone African markets, including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo (DRC). These new locations complement Breega's existing offices in Paris, London, Barcelona, and the newly opened offices in Lagos and Cape Town, establishing a significant presence in two vital centers of Africa's technological landscape.
Breega's expansion in Africa strengthens its presence in these key locations and potentially in other Francophone African markets. The firm has already backed nine startups, including Numida, Hohm Energy, Socium, Klasha, Kwara, Coachbit, and Sava, and aims to make at least 40 investments from this first fund.
The new investments will be made from the Africa-focused fund, not from the funds focused on Europe. Breega's debut in the VC industry was in 2015, and since then, it has successfully completed fundraising for four funds. Today, Breega's portfolio comprises over 110 startups across more than 20 countries.
Breega's funds have been named seed funds and venture funds, indicating their focus on early-stage and growth-stage investments. The firm's expansion enhances its footprint throughout the EMEA region, positioning it as a key player in the African startup ecosystem.
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