Tech

Paris-based Breega closes 250 million euro fund, opens Barcelona office to support Iberian startups – TechCrunch


Original Parisian VC Breega not so well known in the VC world (it only closed its first fund in 2015) until, perhaps, it started to attract attention with its second Seed fund of 110 million euros, less than a year pass. Its portfolio currently includes several sizes including Moneybox, Cuvva, Coverflex and Libeo. Perhaps part of its ‘secret sauce’ is how it has managed to assemble an in-house team of experts on growth, talent and satisfaction, more to come.

Suffice it to say, Breega seems to be punching all the right numbers. It has now closed a €250 million venture fund, allowing it to move from funding European companies at the Seed stage to now being able to participate in the Series A stage and beyond. It has also now opened an office in Barcelona (along with London and Paris) led by its Partner and recently nominated European Joint Venture Director, Isabelle Gallo. Breega’s aim is to fund a total of at least 20 companies with the new fund. To date, Breega has supported 70 promising portfolio companies across 7 countries.

Breega’s investors include institutional firms EIF (European Investment Fund) Bpifrance, Group Crédit Agricole, Amundi, LCL, Isomer Capital and a number of European entrepreneurs Breega did not specifically name.

The new fund doubled its assets under management to half a billion euros. This is Breega’s fourth fundraiser in seven years.

The new fund will have a strong focus on (though not limited to) fintech and insurtech companies.
Breega’s new fund also now supports Keebo (fintech), UKIO (proptech) and Mila (insurtech).

“Our fourth and largest fund to date will allow us to fund later-stage companies,” said Ben Marrel, Co-Founder and CEO at Breega in a statement. Series A and beyond and continue to support our existing portfolio startups as they grow. This new money will also allow us to expand further into Iberia’s increasingly dynamic technology ecosystem, one of the most dynamic in Europe. “

Current investments in the Iberian market include real estate technology Ukio, insurance technology and employee benefits platform, Coverflex and fintech investment platform, Ninety-Nine.

Breega’s in-house free ‘Scaling Squad’ includes a team of experts in development and pairing, talent, marketing and communications. Ben Stanway, founder and co-CEO of Moneybox says that this “works like an extension of our team.”

Responding to me via email, Marrel added: “We are also very interested in seeing how advancements in Blockchain technology and quantum computing will impact innovation – Breega is an early investor in this. Alice & Bob and we are excited to join them in the race to create the world’s first error-free quantum computer. “



Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button