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, slightly below a 12 months go. It’s portfolio now contains 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 suitable numbers. It’s now closed a €250 million enterprise fund, enabling it to maneuver from funding Seed-stage European corporations to now having 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 intention is to finance a minimum of 20 corporations in whole with the brand new fund. Thus far, Breega has backed 70 promising portfolio corporations throughout 7 nations.
Breega’s traders embody 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 belongings below administration to half a billion euros. That is Breega’s fourth fundraise in seven years.
The brand new fund can have a powerful 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 mentioned in a press release: “Our fourth and largest fund so far will permit us to finance later stage corporations at Sequence A stage and above and to proceed to assist our present portfolio startups as they develop. This new cash may even permit us to increase additional into the more and more dynamic Iberian tech ecosystem, one of the crucial 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 group of consultants 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 group.”
Replying to me over e-mail, Marrel added: “We’re additionally very occupied with seeing how advances in Blockchain know-how 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.”