Paris-based Breega closes €250m fund and opens Barcelona office to support Iberian startups – TechCrunch

Paris-based VC Breega was not well known in the VC world (it only closed its first fund in 2015) until, perhaps, it started turning heads with its second €110m seed fund a little less than that. of a year Its portfolio now includes a number of extensions including Moneybox, Cuvva, Coverflex and Libeo. Perhaps part of his ‘secret sauce’ is how he’s managed to put together an internal team of growth, talent and communications experts, which we’ll talk about later.

Suffice to say, Breega seems to be hitting all the right numbers. He has now closed a €250m venture fund, allowing him to move from financing European seed-stage companies to being able to go to the Series A stage and beyond. He has also opened an office in Barcelona (along with London and Paris) headed by Partner and recently appointed Head of European Venture, Isabelle Gallo. Breega’s goal is to finance at least 20 companies in total with the new fund. To date, Breega has backed 70 promising portfolio companies in 7 countries.

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

The new fund doubles its assets under management to 500 million euros. This is Breega’s fourth fundraiser in seven years.

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

Ben Marrel, co-founder and CEO of Breega, said in a statement: “Our fourth and largest fund to date will allow us to finance later-stage companies at the Series A stage and above and continue to support our existing new portfolio companies through as they grow. This new money will also allow us to further expand in the increasingly dynamic Iberian technological ecosystem, one of the most dynamic in Europe”.

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

Breega’s free in-house ‘Scaling Squad’ is made up of a team of growth and matchmaking, talent, marketing and communication experts. Ben Stanway, founder and co-CEO of Moneybox says this “acted as an extension of our own team.”

Responding to me via email, Marrel added, “We are also very interested to see how advances in Blockchain technology and quantum computing will impact innovation – Breega is an early investor in Alice & Bob and we are very excited to join them on the race”. to the creation of the world’s first flawless quantum computer.”

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