VC Firm Breega Hits First Close Of USD 75 M For Africa Fund

Paris-based VC firm Breega has secured commitments for around 70% of the capital of its USD 75 M in the first close. Since entering the VC scene in 2015, Breega has fully raised four funds: a first seed fund (EUR 45 M), a second seed fund (EUR 110 M), a first venture fund (EUR 106 M) and a second venture fund (EUR 250 M). In less than a decade, the French investor, with a portfolio of more than 100 startups across 15 countries, has reached USD 700 M in assets under management.

The Africa Seed I fund is Breega’s sixth fund in nine years but the first with a mandate outside Europe. Its launch coincides with opening two new offices in Lagos and Cape Town, key hubs in Africa’s tech ecosystem. These offices join Breega’s existing locations in Paris, London and Barcelona, strengthening its presence across the EMEA region.

Breega plans to invest between USD 100 K and USD 2 M in startups across the Big Four African markets, Nigeria, Egypt, South Africa and Kenya and Francophone African markets, including Morocco, Senegal, Ivory Coast, Cameroon and the DRC. The Africa-focused VC 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.