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StartVirtual RealityParis-based Breega closes €250M fund, opens Barcelona workplace to again Iberian startups...

Paris-based Breega closes €250M fund, opens Barcelona workplace to again Iberian startups – TechCrunch


Paris-originated VC Breega wasn’t enormously well-known within the VC world (it solely closed its 1st fund in 2015) till, maybe, it began attracting consideration with its second €110 million Seed fund, just below a 12 months go. It’s portfolio now contains a lot of scale-ups together with Moneybox, Cuvva, Coverflex and Libeo. Maybe a part of its ‘secret sauce’ is the way it has managed to place collectively an in house-team of consultants in progress, expertise, and comms, of which extra later.

Suffice it to say, Breega appears to be punching all the best numbers. It’s now closed a €250 million enterprise fund, enabling it to maneuver from funding Seed-stage European corporations to now having the ability to go for Collection A stage and past. It’s additionally now opened a Barcelona workplace (alongside London and Paris) headed up by Accomplice and not too long ago nominated Head of European Enterprise, Isabelle Gallo. Breega’s intention is to finance a minimum of 20 corporations in whole with the brand new fund. So far, Breega has backed 70 promising portfolio corporations throughout 7 nations.

Breega’s buyers embrace institutional gamers EIF (European Funding Fund) Bpifrance, Group Crédit Agricole, Amundi, LCL, Isomer Capital and a lot of European entrepreneurs, which Breega hasn’t named particularly.

The brand new fund doubles its property below administration to half a billion euros. That is Breega’s fourth fundraise in seven years.

The brand new fund can have a powerful deal with (though not restricted to) fintech and insurtech corporations.
Breega’s new fund has additionally now backed Keebo (fintech), UKIO (proptech) and Mila (insurtech).

Ben Marrel, Co-founder and CEO at Breega stated in an announcement: “Our fourth and largest fund to this point will enable us to finance later stage corporations at Collection A stage and above and to proceed to assist our present portfolio startups as they develop. This new cash can even enable us to broaden additional into the more and more dynamic Iberian tech ecosystem, one of the crucial dynamic in Europe.”

Present investments within the Iberian market embrace property tech Ukio, insurtech and worker advantages platform, Coverflex, and the fintech funding platform, Ninety-9.

Breega’s inhouse, free-of-charge ‘Scaling Squad’ consists of a crew of consultants in progress and pairing, expertise, advertising and communication. Ben Stanway, founder and Co-CEO of Moneybox says this “acted like an extension of our personal crew.”

Replying to me over e-mail, Marrel added: “We’re additionally very excited by seeing how advances in Blockchain expertise and quantum computing will impression innovation – Breega is an early investor in Alice&Bob and we’re very excited to be accompanying them within the race to creating the world’s first fault-free quantum laptop.”

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