TLDR:
- Anglo-French VC Breega has launched a $75m fund to invest in early-stage startups in Africa.
- The “Breega Africa Seed I” fund will focus on backing startups in nine African countries.
Anglo-French VC firm Breega has recently announced the launch of a $75m fund aimed at supporting early-stage startups in Africa. The investment firm, which is based in London, Paris, and Barcelona, will be opening new offices in Nigeria and Cape Town to expand its reach. This marks Breega’s first fund dedicated to Africa since its initial fund closure in 2015, establishing its presence in both Europe and Africa.
The “Breega Africa Seed I” fund, led by entrepreneur Melvyn Lubega and Tosin Faniro-Dada, will concentrate on supporting startups located in Nigeria, Egypt, South Africa, Kenya, Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo. The fund has already made investments in several startups, such as Numida, Socium, Klasha, Kwara, Coachbit, and Sava, with plans to provide initial investment ranging from $100,000 to $2 million.
Notable quotes from Breega’s CEO, Ben Marrel, emphasize the importance of providing early-stage financing to support the growth of startup ecosystems. Describing the investment strategy as impact-driven, Breega aims to be the first investor to guide entrepreneurs from the ideation phase to creating a tangible impact. Startups like Sava, based in South Africa, have highlighted the invaluable support received from Breega, in terms of reaching commercialization, defining internal processes, and establishing a brand.
With a successful €250m fund closure last year for Series A and above rounds, Breega continues to make strategic investments in innovative startups like London-based fintech Griffin. The launch of the Africa-focused fund reflects the VC firm’s commitment to fostering entrepreneurship and innovation in emerging markets, contributing to the growth of the startup ecosystem across continents.
