European VC Breega Establishes €250M Fund

Breega, the European VC built “by founders for founders,” has closed a €250 million venture fund and now celebrates the launch of a Barcelona office along with its London and Paris locations.

The fund should enable Breega to finance founders at Series A stage and above while supporting its pan European business presence by building and staffing a network of offices across different European technology hubs.

Less than only a year after finalizing its second seed fund at €110 million, Breega has also completed a €250 million venture fund, which now doubles its assets under management to around half a billion euros. This is reportedly Breega’s fourth fundraise during the past seven years, making the VC one of Europe’s prominent investors.

This fund, which serves as the successor to Breega’s €105 million venture fund introduced in 2017, will be directed towards financing European Series A and above high-growth startups. It will be sharply focused on Fintech and Insurtech firms including existing portfolio investments Moneybox, Cuvva, Coverflex and Libeo – along with startups focused on Web3.

Several startups are backed by Breega’s fund such as Keebo (Fintech), UKIO (Proptech) and Mila (Insurtech).

Brega’s goal is to finance at least 20 firms with the newly-established fund.

Ben Marrel, Co-founder and CEO at Breega, said:

“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. This new money will also allow us to expand further into the increasingly dynamic Iberian tech ecosystem, one of the most dynamic in Europe.”

In order to provide real “value-add” to startups, Breega reportedly has an inhouse, free-of-charge Scaling Squad, a team of professionals experienced in Business growth and pairing, Talent, Marketing and Communication.

Their role is to advise, guide and help set the pace for its startups.

Ben Stanway, founder and Co-CEO of Moneybox said:

“Breega was one of our first investors. Acting like an extension of our own team, Ben and Breega’s Scaling Squad provided us with lots of advice and invaluable expertise, particularly during the crucial period when we were scaling rapidly in a short space of time. We recently raised our Series D round but still rely on valuable feedback from Ben and the Breega team”.

This fund will help support Breega’s pan European expansion.

As noted in the update:

“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.”

Breega’s investors reportedly include EIF (European Investment Fund) and Bpifrance, and major financial institutions like Group Crédit Agr.

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