The African Development Bank (AfDB) Group invests over EUR7.5 million (US$8.6 million) in the Breega Africa Seed I Fund to support African innovative startups.
Breega backs world-class founders shaping the future of digital, climate, and deep-tech across Europe and Africa, from pre-seed to Series A+. Since 2015, it has grown to EUR700 million (US$806 million) AUM, with offices in Paris, London, and Lagos, and over 110 portfolio companies including Exotec, Alice & Bob, Moneybox, and 011H.
The AfDB Group has approved a EUR7.5 million (US$8.6 million) investment in the Breega Africa Seed I Fund, to support Africa’s most promising technology startups in their early stages. The bank will invest EUR5 million (US$5.8 million) in equity capital and EUR2.5 million (US$2.8 million) in the form of a junior tranche on behalf of the European Commission, as part of the Boost Africa Initiative to support young entrepreneurs with innovative businesses across the African continent.
The fund will inject resources into early-stage companies across various technology sectors – fintech, insurtech, agri-tech, e-health, logistics, diversity and inclusion, as well as ed-tech and climate-tech. It will focus on five key markets – Nigeria, South Africa, Kenya, Egypt and Francophone Africa.