Breega, the European VC built by founders for founders, announces the closing of a €250 million Venture fund and celebrates the opening of a new Barcelona office alongside its London and Paris offices. The new fund will allow Breega to finance founders at Series A stage and above while reinforcing its pan European presence by continuing to build and staff a network of offices across different European tech hubs.
Less than a year after announcing the closing of its second Seed fund at €110 million, Breega has closed a €250 million Venture fund, doubling its assets under management to half a billion euros. This is Breega’s fourth fundraise in seven years, making the full stack VC one of Europe’s fastest-growing investors.
Financing top tier companies at Series A stage and above
This new fund – the successor to Breega’s €105 million Venture fund launched in 2017 – will be used to finance European Series A and above high-growth startups. It will be strongly focused on fintech and insurtech companies -such as existing portfolio investments Moneybox, Cuvva, Coverflex and Libeo – as well as startups working in Web3 and the Future of Society.
Several stellar startups have already been backed by Breega’s new fund of which Keebo (UK, fintech), Ukio (SP, proptech) and Mila (FR, insurtech). Breega’s aim is to finance at least 20 companies in total with the new fund.
“Our fourth and largest fund to date will allow us to finance later stage companies at Series A stage and above and to continue to support our existing portfolio startups as they grow”, comments Ben Marrel, Co-founder and CEO at Breega.
Built by serial founders Ben Marrel, François Paulus and Maximilian Bacot, Breega’s DNA is 100% entrepreneurial DNA with a founder-only investment team that has lived the challenges of launching and scaling successful businesses. To provide real value-add to startups, Breega has an inhouse, free-of-charge Scaling Squad, a team of dedicated professionals experienced, amongst other things, in Business growth and pairing, Talent, Marketing and Communication. Their role is to actively advise, guide and help set the pace for its startups as they scale.
A new Barcelona office to foster Breega’s European expansion
This latest fund will also help fuel Breega’s pan European expansion. Breega employs international, gender equal investment teams and scaling experts across its existing offices in Paris and London.
To reinforce its European presence, Breega has just opened a new Spanish office in Barcelona, headed up by Partner and recently nominated Head of European Venture, Isabelle Gallo who comments:
“By opening up our new Barcelona office, Breega is now able to fully integrate and serve the increasingly dynamic Iberian tech ecosystem where we’re seeing a lot of new and highly promising tech startups. We’re especially interested in helping out those that are looking to address the huge Latin American markets where we’re seeing major opportunities for expansion”
Current investments in the Iberian market include property tech Ukio, insurtech and employee benefits platform, Coverflex, and the fintech investment platform, Ninety-Nine. Breega plans to invest in several more Iberian tech startups in the coming months.
Breega’s investors include institutional players EIF (European Investment Fund) and Bpifrance, and key financial institutions such as Group Crédit Agricole, Amundi, LCL, Isomer Capital and a long list of successful entrepreneurs.
To date, Breega has backed 70 promising portfolio companies across 7 countries.