AfDB Commits USD 8.5 M To Breega Africa Fund To Back Early-Stage Startups

The African Development Bank (AfDB) has committed EUR 7.5 M (USD 8.5 M) to Breega Africa Seed I, a USD 75 M fund targeting early-stage African startups.

The investment includes EUR 5 M in equity and a EUR 2.5 M first-loss tranche under the European Commission’s Boost Africa initiative, designed to de-risk private investors.

Founded in 2015, Paris-based Breega, now expanding into Africa under partners Melvyn Lubega and Tosin Faniro-Dada, will invest USD 100 K to USD 2 M in pre-seed and seed startups across key markets, including Nigeria, Kenya, South Africa, Egypt, and Francophone regions.