Breega hits first close of $75m Africa fund for early-stage startups
TLDR
- Breega launches $75 million fund for early-stage startups in Africa, targeting key markets like Nigeria, Egypt, and South Africa.
- Expansion includes new offices in Nigeria and Cape Town, signaling commitment to African startup ecosystem.
- Fund named "Breega Africa Seed I," led by Melvyn Lubega and Tosin Faniro-Dada, prominent figures in African entrepreneurship.
Breega, an Anglo-French venture capital firm, has reached the first close of a $75 million fund aimed at investing in early-stage startups across Africa. This marks Breega's first fund dedicated to the continent since its inaugural fund in 2015 and establishes its presence with new offices in Nigeria and Cape Town, in addition to its existing bases in London, Paris, and Barcelona.
Named "Breega Africa Seed I," the fund will target early-stage startups located in key African markets such as Nigeria, Egypt, South Africa, Kenya, Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo.
Leading this venture are entrepreneur and angel investor Melvyn Lubega, co-founder of African digital education unicorn Go1, and Tosin Faniro-Dada, former CEO of Endeavor in Nigeria and founding executive of Lagos Innovates startup incubator.
Key Takeaways
Africa’s tech ecosystem has undergone significant growth, transitioning from receiving less than a billion dollars in venture capital annually to reaching a record-high of $6 billion. During this period, the continent has seen a notable rise in high-growth companies, with the number of unicorns increasing from one to seven within just three years. The newly launched Breega fund has already started making investments in key startups such as Numida, Socium, Klasha, Kwara, Coachbit, and Sava. The fund intends to make initial investments ranging from $100,000 to $2 million, positioning itself as a pivotal investor in Africa’s burgeoning tech landscape.
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