Breega Closes $75 Million Africa-Focused Fund, "Africa Seed I"
Paris-based venture capital firm Breega has closed a $75 million fund dedicated to Africa, dubbed "Africa Seed I", according to Agence EcoFin. This fund plans to invest between $100,000 and $2 million in around 40 startups across the African continent.
This initiative comes at a time when fundraising for African startups has decreased, dropping from $2.3 billion in 2023 to $466 million in the first quarter of 2024.
Africa Seed I will focus on key markets such as Nigeria, Egypt, South Africa, and Kenya, as well as French-speaking countries including Morocco, Senegal, Côte d'Ivoire, Cameroon, and the Democratic Republic of Congo.
Breega has already invested in several African startups, including Numida, Hohm Energy, Socium, Klasha, Kwara, Coachbit, and Sava.