Breega raises $75 million for its initial fund focused on Africa investments
Breega Expands Presence in Africa with New Fund and Offices
Investment firm Breega has announced its latest move into Africa, focusing on investments in the continent's burgeoning startup scene. The firm, which already has a portfolio of over 100 startups across 15 countries, aims to make at least 40 new investments from its latest fund.
The fund, named Africa Seed I, is Breega's first investment focus outside of Europe. This marks a significant step for the firm, which has previously focused on European markets. With the first office in Africa located in Lagos and the second in Cape Town, Breega is establishing a strong presence in two vital centers of Africa's technological landscape.
Breega's expansion into Africa complements its existing offices in Paris, London, and Barcelona. The firm has already backed nine startups in Africa, including Miga, Okra, and Asoko Insight, with funds from the Africa Seed I fund.
The firm plans to invest between USD 100,000 and USD 2 million in startups across the Big Four African markets: Nigeria, Egypt, South Africa, and Kenya. Breega also plans to invest in Francophone African markets, including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo (DRC).
Breega has successfully completed the first close of its latest fund, securing approximately 70% of its targeted USD 75 million. The firm aims to invest in a significant number of startups across multiple African countries, further enhancing its footprint throughout the EMEA region.
Since its inception, Breega has completed fundraising for four funds, with a total of USD 700 million in assets under management. The firm's investment focus extends to various sectors, including technology, consumer goods, and services.
With its latest move into Africa, Breega is demonstrating its commitment to supporting startups across the continent. The firm's expansion is a testament to the growing potential of Africa's startup ecosystem and the opportunities it presents for investors.
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