Paris-originated VC Breega wasn’t enormously well-known within the VC world (it solely closed its 1st fund in 2015) till, maybe, it began attracting consideration with its second €110 million Seed fund, just below a 12 months go. It’s portfolio now consists of a variety of scale-ups together with Moneybox, Cuvva, Coverflex and Libeo. Maybe a part of its ‘secret sauce’ is the way it has managed to place collectively an in house-team of consultants in development, expertise, and comms, of which extra later.
Suffice it to say, Breega appears to be punching all the suitable numbers. It’s now closed a €250 million enterprise fund, enabling it to maneuver from funding Seed-stage European firms to now having the ability to go for Collection A stage and past. It’s additionally now opened a Barcelona workplace (alongside London and Paris) headed up by Associate and not too long ago nominated Head of European Enterprise, Isabelle Gallo. Breega’s goal is to finance not less than 20 firms in complete with the brand new fund. To this point, Breega has backed 70 promising portfolio firms throughout 7 international locations.
Breega’s buyers embrace institutional gamers EIF (European Funding Fund) Bpifrance, Group Crédit Agricole, Amundi, LCL, Isomer Capital and a variety of European entrepreneurs, which Breega hasn’t named particularly.
The brand new fund doubles its belongings underneath administration to half a billion euros. That is Breega’s fourth fundraise in seven years.
The brand new fund can have a robust deal with (though not restricted to) fintech and insurtech firms.
Breega’s new fund has additionally now backed Keebo (fintech), UKIO (proptech) and Mila (insurtech).
Ben Marrel, Co-founder and CEO at Breega stated in an announcement: “Our fourth and largest fund thus far will permit us to finance later stage firms at Collection A stage and above and to proceed to help our present portfolio startups as they develop. This new cash will even permit us to broaden additional into the more and more dynamic Iberian tech ecosystem, probably the most dynamic in Europe.”
Present investments within the Iberian market embrace property tech Ukio, insurtech and worker advantages platform, Coverflex, and the fintech funding platform, Ninety-9.
Breega’s inhouse, free-of-charge ‘Scaling Squad’ consists of a group of consultants in development and pairing, expertise, advertising and marketing and communication. Ben Stanway, founder and Co-CEO of Moneybox says this “acted like an extension of our personal group.”
Replying to me over e mail, Marrel added: “We’re additionally very concerned with seeing how advances in Blockchain know-how and quantum computing will influence innovation – Breega is an early investor in Alice&Bob and we’re very excited to be accompanying them within the race to creating the world’s first fault-free quantum laptop.”