AfDB Group supports African startups by investing over $8.6 M in Breega fund
In order to support African innovative startups, the African Development Bank (AfDB) Group invests more than EUR7.5 million (US$8.6 million) in the Breega Africa Seed I Fund.
From pre-seed to Series A+, Breega supports top entrepreneurs influencing the future of digital, climate, and deep-tech in Europe and Africa. With offices in Paris, London, and Lagos and more than 110 portfolio companies, including Exotec, Alice & Bob, Moneybox, and 011H, it has expanded to EUR700 million (US$806 million) AUM since 2015.
In order to assist Africa’s most promising technology startups in their early phases, the AfDB Group has approved an investment of EUR7.5 million (US$8.6 million) in the Breega Africa Seed I Fund. In order to support young entrepreneurs with creative businesses throughout the African continent, the bank will invest EUR5 million (US$5.8 million) in equity capital and EUR2.5 million (US$2.8 million) in a junior tranche on behalf of the European Commission as part of the Boost Africa Initiative.
Early-stage businesses in a number of technology sectors, including fintech, insurtech, agri-tech, e-health, logistics, diversity and inclusion, ed-tech, and climate-tech, will receive funding from the fund. Nigeria, South Africa, Kenya, Egypt, and Francophone Africa are the five main markets it will concentrate on.
