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 yr go. It’s portfolio now consists of quite a lot 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 specialists in development, expertise, and comms, of which extra later.
Suffice it to say, Breega appears to be punching all the best numbers. It’s now closed a €250 million enterprise fund, enabling it to maneuver from funding Seed-stage European firms to now with the ability to go for Sequence A stage and past. It’s additionally now opened a Barcelona workplace (alongside London and Paris) headed up by Associate and just lately nominated Head of European Enterprise, Isabelle Gallo. Breega’s goal is to finance at the least 20 firms in complete with the brand new fund. Thus far, Breega has backed 70 promising portfolio firms throughout 7 international locations.
Breega’s buyers embody institutional gamers EIF (European Funding Fund) Bpifrance, Group Crédit Agricole, Amundi, LCL, Isomer Capital and quite a lot of European entrepreneurs, which Breega hasn’t named particularly.
The brand new fund doubles its property below administration to half a billion euros. That is Breega’s fourth fundraise in seven years.
The brand new fund could have a powerful give attention to (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 mentioned in a press release: “Our fourth and largest fund up to now will permit us to finance later stage firms at Sequence A stage and above and to proceed to assist our current portfolio startups as they develop. This new cash can 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 embody 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 staff of specialists in development and pairing, expertise, advertising and communication. Ben Stanway, founder and Co-CEO of Moneybox says this “acted like an extension of our personal staff.”
Replying to me over electronic mail, Marrel added: “We’re additionally very eager about seeing how advances in Blockchain expertise 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.”