Breega Launches $75 Million Africa-Focused Fund to Boost Startup Growth

Breega, a rapidly expanding early-stage investment firm based in Europe, has introduced its inaugural African fund, "Breega Africa Seed I," aimed at becoming a premier investor in early-stage African startups.

Founded in Paris with additional offices in London and Barcelona, Breega has accumulated assets under management totaling $700 million since its first fund closure in 2015. Over the years, it has invested in more than 100 startups spanning 15 countries.

The launch of "Breega Africa Seed I" marks a significant expansion for Breega, which has established new offices in Lagos, Nigeria, and Cape Town, South Africa. The $75 million fund will focus on investments across key African markets, including Nigeria, Egypt, South Africa, Kenya, as well as French-speaking countries such as Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo (DRC).

Breega plans to provide funding ranging from $100,000 to $2 million per startup, positioning itself as the lead investor. It will prioritize ventures that drive high-impact and sustainable innovations aligned with the United Nations' Sustainable Development Goals (SDGs). Target sectors include agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech, and logistics.

The fund has already made initial investments in several prominent African startups, benefiting from Breega's in-house scaling team. Notable beneficiaries include Numida, Socium, Klasha, Kwara, Coachbit, and Sava.

Leading the charge for the new fund are Melvyn Lubega, co-founder of digital education unicorn Go1, overseeing activities in Eastern and Southern Africa from Cape Town, and Tosin Faniro-Dada, former CEO of Endeavor in Nigeria, managing operations across West and North Africa. Faniro-Dada brings extensive experience, including her tenure as a board member of African fintech unicorn Flutterwave.

Lubega emphasized the critical role Breega aims to play in bridging the substantial funding gap in Africa, where only 1% of global funding reaches a region housing 18% of the world's population.

"Africa is witnessing a surge in entrepreneurship, driven by innovation and ambition to tackle the continent's challenges," Faniro-Dada added, highlighting the unique support model Breega offers to empower African entrepreneurs.

This initiative underscores Breega's commitment to nurturing groundbreaking startups that address pressing societal needs while driving economic growth across the continent.