Paris-based VC Breega that was created by founders for founders has closed a €250 million fund. The investment came from EIF (European Investment Fund) and Bpifrance (invested recently in Arianee and Doctolib) well as financial institutions such as Group Crédit Agricole, Amundi, LCL, Isomer Capital, and one of Breega’s USP’s, a long list of successful entrepreneurs.
The new fund doubles its assets under management to half a billion euros. This is Breega’s fourth fundraise in seven years.
It will have a strong focus on fintech and insurtech companies. Breega’s new fund has already backed Keebo (fintech), UKIO (proptech) and Mila (insurtech).
Breega will use the investment to move from funding Seed-stage European companies and will be able to invest in Series A rounds anxd beyond. Breega’s aim is to finance at least 20 companies in total with the new fund. To date, Breega has backed 70 promising portfolio companies across 7 countries.
A part of this new fund will be used for cross-borders and establish a presence in the Iberian tech ecosystem, which is touted to be “one of the most dynamic in Europe.”
New office in Barcelona
Also, the VC firm has opened a Barcelona office alongside the existing offices in London and Paris. The new office is headed up by Partner and recently nominated Head of European Venture, Isabelle Gallo. This new office will offer more localised support to portfolio companies Ukio, Coverflex, and Ninety-Nine, while scouting for new investment opportunities for the firm.
Breega co-founder and CEO Ben Marrel commented, “Our fourth and largest fund to date will allow us to finance later stage companies at Series A stage and above and to continue to support our existing portfolio startups as they grow.”
“By opening up our new Barcelona office, Breega is now able to fully integrate and serve the increasingly dynamic Iberian tech ecosystem where we’re seeing a lot of new and highly promising tech startups,” explained Gallo. “We’re especially interested in helping out those that are looking to address the huge Latin American markets where we’re seeing major opportunities for expansion.”
Breega was founded in 2013 by Ben Marrel, Francois Paulus, and Maximilien Bacot. The founder-friendly VC firm invests in promising European high-tech startups from Pre-Seed to Series B stage. More than just financing, the VC that is built by founders for founders, supports its portfolio companies through each phase of their development, providing them with free-of-charge operational expertise (HR and talent sourcing, business development, marketing & legal) and international development opportunities.
Breega prides itself on an inhouse, free-of-charge ‘Scaling Squad. It is a unit of professionals experienced in the arts of business growth and pairing, talent acquisition, marketing and communication.