VC of Paris origin briega Not very well known in the VC world (it only closed its first fund in 2015), perhaps, it started gaining attention with its second €110 million seed fund, in just under a year. Its portfolio now includes a number of scale-ups including Moneybox, Kuvva, CoverFlex and Libio. Perhaps part of its ‘secret sauce’ is how it’s managed to put together an in-house team of development, talent, and experts at com, more of which will come later.
Suffice it to say, Breega is punching all the right numbers. It has now closed a €250 million venture fund, which enables it to transfer funding from seed-stage European companies, which are now able to move to the Series A stage and beyond. It has now also opened a Barcelona office (along with London and Paris), chaired by partner and most recently Head of European Enterprise, Isabel Gallo. Breega aims 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 EIF (European Investment Fund) Bpifrance, Group Credit Agricole, Amundi, LCL, Isomer Capital and several European entrepreneurs, whom Breega has not specifically named.
The new fund doubles its assets under management to half a billion euros. This is Breega’s fourth fundraise in seven years.
The new fund will focus on (though not limited to) fintech and insurtech companies.
Breega’s new fund now also supports Keebo (Fintech), UKIO (PropTech) and Mila (Insurtech).
Ben Marrell, co-founder and CEO of Breega, said in a statement: “Our fourth and largest fund to date allows us to finance Series A stage and later stage companies and continue to support our existing portfolio of startups. This new money will allow us to further expand into the increasingly dynamic Iberian tech ecosystem, one of the most dynamic in Europe.
Current investments in the Iberian market include asset tech Ukio, InsurTech and employee benefits platform, CoverFlex, and fintech investment platform, Ninety-Nine.
Breega’s inhouse, free-of-charge ‘scaling squad’ comprises a team of experts in development and pairing, talent, marketing and communications. Moneybox founder and co-CEO Ben Stanaway says it “acts like an extension of our own team.”
Responding to me over email, Marrell said: “We are also very interested to see how advances in blockchain technology and quantum computing will affect innovation – Breega is an early investor in Ellis & Bob and we look forward to joining them in the race.” Very excited to build the world’s first defect-free quantum computer.”