Paris-born VC Breega wasn’t well known in the venture capital world (he only closed his first fund in 2015) until maybe he started to get some attention with its second seed fund of 110 million euros just under a year ago. Its portfolio now includes a number of scale-ups, including Moneybox, Cuvva, Coverflex and Libeo. Part of his “secret sauce” may be how he’s managed to build an internal team of growth, talent and communication experts, which we’ll talk about later.
Suffice it to say, Breega seems to be hitting all the right numbers. It has now closed a €250m venture capital fund, moving it from funding seed-stage European companies to potentially moving into the Series A stage and beyond. She also opened an office in Barcelona (alongside London and Paris) led by Partner and recently appointed Head of European Venture, Isabelle Gallo. Breega’s goal is to finance at least 20 companies in total with the new fund. To date, Breega has supported 70 promising portfolio companies in 7 countries.
Breega’s investors include institutional players FEI (European Investment Fund) Bpifrance, Crédit Agricole Group, Amundi, LCL, Isomer Capital and a number of European entrepreneurs, whom Breega did not name.
The new fund doubles its assets under management to half a billion euros. This is Breega’s fourth fundraiser in seven years.
The new fund will have a strong (but not limited to) focus on fintech and insurance companies.
Breega’s new fund has also backed Keebo (fintech), UKIO (proptech) and Mila (insurtech).
Ben Marrel, co-founder and CEO of Breega, said in a statement: “Our fourth and largest fund to date will allow us to fund later-stage companies at the Series A stage and above and continue to support startups in our existing portfolio as they grow. This new money will also allow us to develop further in the increasingly dynamic Iberian technological ecosystem, one of the most dynamic in Europe.
Current investments in the Iberian market include real estate technology Ukio, insurtech and benefits platform, Coverflex, and fintech investment platform, Ninety-Nine.
Breega’s free, in-house Scaling Squad is made up of a team of growth and matchmaking, talent, marketing and communications experts. Ben Stanway, founder and co-CEO of Moneybox, said it “acted as an extension of our own team”.
Responding to my email, Marrel added, “We are also very interested in seeing how advances in Blockchain technology and quantum computing will impact innovation – Breega is an early investor in ‘Alice&Bob and we are very excited to join them in the race to create the world’s first flawless quantum computer.