Breega holds €90m first close for Breega III

Launched in Q3, the fund is expected to hold a final close in H1 2020.

A spokesperson for the VC confirmed that Breega III is likely to surpass its initial target and hold a final close on €110-120m, almost reaching its €125m hard-cap. The fund's predecessor closed on €100m in 2017.

The VC's third-generation fund is aiming to generate a 3x return, Unquote understands. The fund's terms will follow the 2-8-20 standard.

Paris-based VC Breega was founded in 2013 by entrepreneurs Francois Paulus, Ben Marrel and Maximilien Bacot. It opened offices in London around a year ago and is planning to open another office elsewhere in Europe in the coming years.

Investors
Like Breega I and II, most of the LP base consists of entrepreneurs. Institutional LPs backing the fund include BPI France, Groupe Crédit Agricole, the European Investment Fund and fund-of-funds Isomer, as well as insurance companies.

Around 60% of backers to date are French, while the remaining investors are based elsewhere in western Europe.   

Investments
Breega III provides tickets in the €500,000-5m range in seed or series-A rounds. It targets tech startups, including financial technology and software-as-a-service developers.

The fund has already been deployed across several investments, including two France-based businesses: Trustpair, a developer of software to prevent business transfer fraud; and BeOp, an advertisement technology company.

People
Breega – Francois Paulus, Ben Marrel, Maximilien Bacot (founding partners).

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