Afrigather Two years after its launch, Africa Seed I, the Africa-focused fund of Paris-based VC agency, Breega has reached first shut with $50 million in funding secured. The fund which goals to boost $75 million is led by Tosin Faniro-Dada, former CEO of Endeavor, and Melvyn Lubega, the founding father of edtech unicorn, Go1.
The fund acquired backing from establishments like Bpifrance and the Dutch Entrepreneurial Growth Financial institution. Breega plans to take a position between $100,000 and $2 million in at the least 40 throughout Nigeria, Egypt, South Africa, Kenya, Morocco, Senegal, Ivory Coast, Cameroon, and the DRC.
Breega, self-described as one of many fastest-growing VC corporations in Europe, joins TLcom Capital and Partech—main European VC corporations—that closed their Africa-focused funds this yr. This indicators continued VC curiosity in Africa’s tech ecosystem regardless of elevated investor cautiousness as indicated within the 36% decline in VC funding in 2023.
Africa Seed I needs to steer pre-seed and seed rounds within the continent’s agritech, edtech, well being tech, fintech, logistics, mobility, vitality, and local weather tech sectors but additionally guarantees to help potential portfolio corporations in different methods.
“Our objective is to be the traders we wished we had whereas constructing our companies,” Lubega mentioned in an interview.
The VC has beforehand backed 9 African startups: Numida, Klasha, Socium, Coachbit Kwara, Sava, and Hohm Vitality—its most up-to-date funding. The agency additionally not too long ago opened places of work in Lagos and Cape City.
