Parisian built-by-founders-for-founders VC firm Breega returns to the pitch with a fresh €250 million fund specifically aimed at supporting approximately 20 founders raising capital at Series A and above levels, specifically, but not solely limited to the those operating in the fintech and insurtech industries.
If you’ve been playing along at home, you might remember that the Ben Marrel, Francois Paulus, and Maximilien Bacot-founded firm closed a €110 million seed fund no fewer than 16 months prior, as well as wracking up another €20 million for a ‘opportunities’ vehicle in October of the same year.
After completing four fundraising rounds over the course of just seven years, Breega has backed 83 companies across 7 countries, and seen 9 exits. With this latest collection of capital, the fund now manages over half a billion in assets.
According to a Breega spokesperson, the firm has already begun deploying capital from the new fund, investing in several startups including fintech Keebo, proptech UKIO, and insurtech Mila.
As is de rigueur in today’s VC funding landscape, Breega prides itself on an inhouse, free-of-charge ‘Scaling Squad’; a unit comprised of professionals experienced in the arts of business growth and pairing, talent acquisition, and naturally, marketing and communication.
Breega co-founder and CEO Ben Marrel commented, “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.”
¿Y viva Espana?
In addition to the firm’s continued financial and industry know-how support, a portion of this new fund is earmarked to cross-borders and establish a presence in the Iberian tech ecosystem, one that Marrel says is, “one of the most dynamic in Europe.”
Wasting no time, Breega partner and recently nominated head of European venture, Isabelle Gallo has spearheaded the opening of a new office in Barcelona, presumably offering more localised support to portfolio companies Ukio, Coverflex, and Ninety-Nine, while in tandem scouting for new investment opportunities for the firm.
“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,” explained Gallo. “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”
Breega's investors include the EIF (European Investment Fund) and Bpifrance, as well as financial institutions such as Group Crédit Agricole, Amundi, LCL, Isomer Capital, and naturally, one of the funds' USPs, a long list of successful entrepreneurs.
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