Breega Capital closes second fund on €100m

With this fundraise, the young French VC firm is bringing its investment capacity up to €150m, it said in a statement. 

The fund's previous generation, Breega Capital Venture One, was closed on €45m in March 2016, having exceeded its €40m target. Fundraising for the vehicle began in 2013, with a €10m first close held in March the same year. 

Having already invested in a number of French startups, including Foodcheri, TravauxLib, FretLink, GoJob and Exotec, Breega will now look to extend its investment strategy to the rest of Europe, targeting businesses focusing on financial technology. 

Founded in 2013 and led by managing partners and co-founders François Paulus, Maximilien Bacot and Ben Marrel, Breega also employs three investment associates.

Investors
A total 40 LPs invested in Breega Capital Venture Two, including institutional investors and insurance groups, according to Breega.

For Breega Capital Venture One, commitments had largely been drawn from telecoms entrepreneurs from Breega's historical LP base. The vehicle eventually attracted three institutional investors: BPI France, which contributed €11m, and two players from the insurance sector, according to unquote" data.

BPI France invested through French Tech Accélération – a €200m fund-of-funds scheme that backs startup accelerators in France.

Investments
Breega largely focuses on seed and series-A rounds, targeting technology and digital companies already generating revenues.

While Breega's maiden vehicle originally planned to deploy €500,000-1m tickets for funding rounds in the €500,000-2.5m region, the increased investment capacity means tickets will now be larger too, with an average of €1-3m per deal for rounds of up to €10m, the GP said.

Breega had told unquote" last year that it preferred co-investing alongside fellow VCs; previous partners have for instance included DFJ Esprit and Siparex.

Eight deals had already been closed with the vehicle by the end of 2016, with €5m deployed in first rounds and around €8-10m for follow-up investments, unquote" reported at the time. Portfolio companies include crowd-marketing service Clic and Walk, e-commerce platform Solendro, and nanotechnology specialist Nanolike.

People
Breega Capital – François Paulus, Maximilien Bacot, Benoît Marrel (managing partners).

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