Breega, a French venture capital firm, has declared the opening of Breega Africa Seed I, its first African fund, with the goal of becoming the premier early-stage investor in African entrepreneurs. To oversee its new pan-African fund, Breega Africa Seed I, the company has now established two new offices in Cape Town, South Africa, and Lagos, Nigeria. The $75 million fund will be used to finance projects in numerous French-speaking African nations, including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of the Congo (DRC), as well as in Nigeria, Egypt, South Africa, and Kenya.

Breega wants to position itself as the lead investor and want to invest between $100,000 and $2 million USD. High-impact, sustainable technologies that target important areas like the following and are in line with the Sustainable Development Goals (SDGs) of the UN will be the main focus.

• agri-tech
• Ed-tech
• E–health
• Fintech
• Insurtech
• Prop-tech, and
• Logistics

Some of the top startups in the continent include:

• Numida
• Socium
• Klasha
• Kwara
• Coachbit, and
• Sava

have already benefited from the initial funding and assistance provided by Breega’s internal scaling team.

Melvyn Lubega, a co-founder of the unicorn in digital education Go1, and Tosin Faniro-Dada, a former CEO of Endeavor in Nigeria, are in charge of the new fund. From the Cape Town headquarters, Lubega will be in charge of Breega’s activities in Eastern and Southern Africa.

With 18% of the world’s population living in the region, Africa only receives 1% of global funding today. At the nascent stages of technology, this is a substantial funding gap that needs to be bridged across a continent. In order to close this gap, Lubega stated that Breega, an international fund for founders established by founders, has a special role to play.

As the partner in charge of West and North Africa, Faniro-Dada will offer her expertise, particularly from her time as a board member of the unicorn fintech company Flutterwave in Africa.

Africa is seeing a rise in entrepreneurship, which is indicative of the continent’s increased ambition and inventiveness. The desire to address the problems facing the continent motivates our entrepreneurs. Because of the special model Breega has created, I’m ecstatic to be able to help them; it is very inspiring,” the woman remarked.