Breega raises €250M & opens Barcelona office to support Iberian firms

Breega, the venture capital firm based in Paris, has reportedly closed a €250 million ($263 million) venture fund, which has allowed it to advance from supporting early-stage European businesses to being able to pursue Series A and beyond.

Along with London and Paris, the firm has just opened a new office in Barcelona, run by Isabelle Gallo, partner and newly appointed head of the European Venture. With the new fund, Breega hopes to support at least 20 startups. The Parisian firm has so far invested in 70 promising portfolio firms in seven different nations.

As a VC, Breega was relatively unknown in the industry, only closing its first funding round in 2015 until it started drawing attention with its second €110 million ($115 million) seed fund, which was announced less than a year ago. Several scaleups, such as Cuvva, Moneybox, Libeo, and Coverflex are now part of its portfolio.

Institutional investors such as the European Investment Fund (EIF), Group Crédit Agricole, Bpifrance, LCL, Amundi, Isomer Capital, and many unnamed European entrepreneurs make up Breega’s investor base.

The assets managed by the new fund increased by 50% to €500 million ($526 million). Breega is raising funds for the fourth time in seven years.

Although not exclusively, the new fund will place a lot of emphasis on fintech and insurtech businesses.

Additionally supported by Breega’s new fund are UKIO (proptech), Keebo (fintech), and Mila (insurtech).

Property tech Ukio, the insurtech plus employee benefits platform Coverflex, and the fintech investment platform Ninety-Nine are now investing in the Iberian sector.

A group of experts in growth and pairing, marketing, talent, and communication makes up Breega’s in-house, free of charge ‘Scaling Squad.’ According to Ben Stanway, Moneybox CEO and co-founder, this worked as an addition to the staff.

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