Paris-Based VC Firm Breega Launches $75 Million Fund for African Startups

Paris-Based VC Firm Breega Launches $75 Million Fund for African Startups

By Staff Writer, 24 June 2024

Breega, a venture capital firm headquartered in Paris, has announced the launch of a $75 million fund aimed at supporting early-stage startups in Africa. This move reflects the firm's recognition of the significant growth and maturation of Africa’s tech ecosystem over recent years.

Historically, African tech startups received less than a billion dollars in venture capital annually. However, this figure has surged to a record-high $6 billion, with the number of high-growth companies, or unicorns, increasing from one to seven within just three years.

The new fund, named “Africa Seed I,” has already secured commitments for approximately 70% of its capital during its first close, according to Breega. This initiative marks Breega's first fund dedicated outside of Europe, coinciding with the opening of new offices in Lagos and Cape Town—two pivotal centers for Africa’s burgeoning tech sector. These new locations will complement Breega’s existing offices in Paris, London, and Barcelona, bolstering its influence across the EMEA region.

Since its inception in 2015, Breega has successfully raised four funds: a first seed fund of €45 million, a second seed fund of €110 million, a first venture fund of €106 million, and a second venture fund of €250 million. In less than a decade, Breega has built a portfolio of over 100 startups across 15 countries, amassing $700 million in assets under management.

With the introduction of the “Africa Seed I” fund, Breega aims to capitalize on and contribute to the dynamic growth of African technology startups, reinforcing its commitment to fostering innovation beyond Europe.

Source: Tage Kene-Okafor / TechCrunch

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