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 quite a few 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 correct 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 Accomplice and lately nominated Head of European Enterprise, Isabelle Gallo. Breega’s purpose is to finance at the very least 20 firms in whole with the brand new fund. Thus far, Breega has backed 70 promising portfolio firms throughout 7 nations.
Breega’s traders 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 underneath administration to half a billion euros. That is Breega’s fourth fundraise in seven years.
The brand new fund could have a powerful 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 to this point will permit us to finance later stage firms at Collection A stage and above and to proceed to help our current portfolio startups as they develop. This new cash can even permit us to develop 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 staff 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 staff.”
Replying to me over electronic mail, Marrel added: “We’re additionally very serious 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 pc.”