Breega Launches US$75 Million Fund to Boost African Start-ups

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Breega, a rapidly expanding early-stage fund in Europe, has announced the debut of its inaugural African fund, “Breega Africa Seed I”, with a commitment of $75 million.

This initiative aims to position Breega as a leading investor in early-stage African start-ups.

Since its inception in 2015, Breega has grown to manage $700 million in assets, backing over 100 start-ups across 15 countries with offices spanning the EMEA region. Building on its success in Europe, Breega plans to replicate its strategy in Africa by establishing local teams in key hubs such as Lagos, Nigeria, and Cape Town, South Africa.

The fund, “Breega Africa Seed I”, will focus on regions including Nigeria, Egypt, South Africa, Kenya, as well as French-speaking countries like Morocco, Senegal, and Ivory Coast. Already, leading African start-ups such as Numida, Socium, and Klasha have received initial investments and support from Breega’s Scaling Team.

Melvyn Lubega, co-founder of Africa’s first digital education unicorn, and Tosin Faniro-Dada, former CEO of Endeavor in Nigeria, spearhead Breega’s efforts in Southern and Eastern Africa, and West and North Africa respectively. They bring extensive entrepreneurial experience and industry insights to support local founders.

“Africa currently receives only 1% of global funding despite hosting 18% of the world’s population,” noted Melvyn Lubega, emphasizing the fund’s pivotal role in narrowing this gap and unlocking the continent’s tech potential.

Tosin Faniro-Dada added, “Our partnership model with Breega is uniquely positioned to foster innovation across Africa, tapping into the continent’s entrepreneurial spirit to tackle local challenges.”

With a focus on sectors such as agrotech, edtech, healthtech, fintech, insurtech, proptech, and logistics, Breega aims to drive sustainable impact aligned with the United Nations’ Sustainable Development Goals.

Ben Marrel, CEO and co-founder of Breega, highlighted the fund’s mission to support entrepreneurs from concept to execution, underscoring its commitment to building a robust foundation for Africa’s start-up ecosystem.

Supported by institutions like Bpifrance and Dutch entrepreneurial bank FMO, Breega is set to catalyze change through technology across Africa, reinforcing its position as a pivotal investor in the region’s burgeoning tech landscape.

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