Paris-originated VC Breega wasn’t enormously well-known within the VC world (it solely closed its first fund in 2015) till, maybe, it began attracting consideration with its second €110 million seed fund, slightly below a yr go. It’s portfolio now consists of quite a few scaleups 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 progress, expertise and comms, of which extra later.
Suffice it to say, Breega appears to be punching all the fitting numbers. It’s now closed a €250 million enterprise fund, enabling it to maneuver from funding seed-stage European corporations 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 lately nominated head of European Enterprise, Isabelle Gallo. Breega’s purpose is to finance at the very least 20 corporations in complete with the brand new fund. Up to now, Breega has backed 70 promising portfolio corporations throughout seven international locations.
Breega’s buyers embrace institutional gamers EIF (European Funding Fund) Bpifrance, Group Crédit Agricole, Amundi, LCL, Isomer Capital and quite a few 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 may have a robust concentrate on (though not restricted to) fintech and insurtech corporations.
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 enable us to finance later stage corporations at Sequence A stage and above and to proceed to help our present portfolio startups as they develop. This new cash will even enable us to broaden additional into the more and more dynamic Iberian tech ecosystem, one of the crucial 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 in-house, free-of-charge “Scaling Squad” consists of a group of consultants in progress 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 electronic mail, Marrel added: “We’re additionally very excited about seeing how advances in blockchain expertise and quantum computing will affect 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 pc.”