Investment firm Breega successfully raises an initial $75 million for its first fund focusing on Africa-based ventures.
In a strategic move to bolster its global presence, venture capital firm Breega has announced the opening of new offices in Lagos, Nigeria, and Cape Town, South Africa. This expansion complements Breega's existing offices in Paris, London, and Barcelona, establishing a significant presence in two vital centres of Africa's technological landscape.
In under a decade, Breega has amassed an impressive portfolio of over 100 startups across 15 countries. With total assets under management reaching USD 700 million, the firm has achieved the first close of its latest fund, securing approximately 70% of its targeted USD 75 million.
Breega aims to make at least 40 investments from its current fund, and has already backed nine startups, including Numida, Hohm Energy, Socium, Klasha, Kwara, Coachbit, and Sava. The firm has also invested in Africa-focused startups like Angaza and MFS Africa, in addition to its European portfolio.
The Africa Seed I fund, Breega's first to focus on investments outside of Europe, marks a significant shift in the firm's investment strategy. This fund, which has successfully completed fundraising, is intended to invest between USD 100,000 and USD 2 million in startups across the Big Four African markets: Nigeria, Egypt, South Africa, and Kenya.
Moreover, Breega plans to invest in Francophone African markets, including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo (DRC). This expansion enhances Breega's footprint throughout the EMEA (Europe, Middle East, and Africa) region.
The launch of Breega's Africa Seed I fund aligns with the opening of new offices in Lagos and Cape Town, signalling the firm's commitment to supporting and nurturing the growth of startups in Africa. Breega's expansion is a testament to the potential of Africa's technological sector and the firm's belief in the continent's future.
