As per recent reports, the current economic slowdown has posted a challenge for the venture capital industry. As a result, there is a whopping 50% drop in new VC fund raises in 2023 as compared to 2022.
Despite this downward trend, Paris-based VC Breega that founders for founders created has announced the launch of the Europe Seed III fund with a commitment of at least €150 million. This follows the €250 million fund the French VC firm closed last year.
Boosts European startups
This fund follows in the footsteps of the previous funds and has the same mission of funding and supporting the most promising European early-stage startups. The Breega Europe Seed III fund adds to the half-billion in assets already under management since its inception, marking one of the most robust growth rates in the sector across Europe. This fund is set to accelerate Breega’s investments in nearly 30 tech startups.
Beyond financial support, Breega will provide hands-on operational guidance to each of its new investments, backed by its “Scaling Squad”, a team of experts in specific business verticals.
Besides this, one-third of the Europe Seed III fund will be allocated to investments in the UK. Breega has had a presence in London for over five years and has stakes in Moneybox and Curve.
VC firm for founders
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 and international development opportunities.
“We firmly believe in the imperative of continuing to back founders and their early-stage startups, especially considering the challenges our world faces. They are today’s visionaries shaping the transformations of tomorrow,” emphasised Breega co-founders Ben Marrel, Maximilien Bacot, and François Paulus.
“When Breega backed my last venture, I was immediately impressed by their entrepreneur/VC model, which, in my view, is the perfect approach to supporting startups and their founders. Understanding the day-to-day realities of an entrepreneur, especially during the early stages, is crucial. That’s why it was a no-brainer for me to join Breega, and I’m committed to driving the expansion of its model in the UK,” stated Dan Shellard, UK Partner at Breega.
Notable investments
Breega has already invested in notable companies as follows:
- Carbon Maps: This Paris-based holistic climate assessment and management platform for the food industry, has secured €4 million in a pre-seed funding round.
- 011h: This new-generation, sustainable building platform headquartered in Barcelona, has raised €25 million in Series A funding.
- Coverflex: The Portuguese compensation management solution closed €15 million in a Series A funding round.
- Numida: This Ugandan fintech startup provides credit to small businesses. It raised $12.3 million in funding from this VC firm.
