Paris-based venture capital firm Breega has announced the launch of a $75 million fund aimed at investing in early-stage startups across Africa.
The firm has already secured commitments for approximately 70% of this capital, enhancing its expansion drive beyond Europe.
Breega, known for its founder-centric approach, has established a strong presence in Europe with a portfolio of over 100 startups across 15 countries and $700 million in assets under management.
The new fund, titled “Africa Seed I,” is Breega’s first move outside of Europe, coinciding with the opening of new offices in Lagos, Nigeria and Cape Town, South Africa.
These offices will complement Breega’s existing locations in Paris, London, and Barcelona, enhancing its reach across the EMEA region.
Breega’s decision to focus on Africa is linked to the continent’s growing tech industry, which has seen venture capital investments grow from less than a billion dollars annually to a record $6 billion.
The firm plans to invest between $100,000 and $2 million in startups across key African markets such as Nigeria, Egypt, South Africa, and Kenya, as well as Francophone countries including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo.
The new fund is backed by institutions including Bpifrance and the Dutch entrepreneurial development bank FMO.
Leading the Africa fund are Melvyn Lubega and Tosin Faniro-Dada, both bringing commendable entrepreneurial and operational experience. Lubega co-founded the edtech unicorn Go1, while Faniro-Dada served as the CEO of Endeavor Nigeria.
Breega’s investment strategy focuses on high-growth sectors such as agritech, edtech, healthtech, fintech, logistics, mobility, energy, and climate tech. The firm reiterates addressing the core needs of Africa’s rapidly growing population, which is expected to reach 2.5 billion by 2050.
The Africa Seed I fund aims to make at least 40 investments, with Breega already backing nine startups, including Numida, Hohm Energy, Socium, Klasha, Kwara, Coachbit, and Sava.
Breega’s hands-on approach includes an innovative team supporting portfolio companies in areas such as go-to-market strategy, talent management, governance, branding, and communications.
The company’s expansion into Africa is driven by the recognition of the continent’s potential and the desire to replicate its European success. Beyond capital, Breega will offer support and international exposure to help African startups scale and thrive.
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