Fledgling France-based venture capital (VC) firm Breega Capital (“Breega”) announced that it has raised a new €100 million ($113 million) pot to invest in European startups.
Founded out of Paris in 2013, Breega typically invests in seed- and series-A stage startups across Europe. This latest fund represents its second, following an inaugural €50 million ($57 million) fund back when it first launched that has so far been used to finance more than 25 startups, including FoodChéri, Travauxlib, Exotec, GoJob, and FretLink.
This latest cash pot takes Breega’s total financial capacity to €150 million ($170 million), and we’re told that a third fund could be announced later this year.
A spokesperson told VentureBeat that the new fund, titled “Breega Capital Venture 2,” is aimed at startups “potentially disrupting the fintech and insurtech sectors,” though digging a little under the hood reveals this isn’t necessarily blockchain startups and the like. Indeed, it could be a gym provider that just happens to partner with banks — such as Gymlib.com, which Breega invested in earlier this week.
Breega is one of a number of VC firms operating out of the French capital. A few weeks back, Paris-based Iris Capital announced the first closing of a new €250 million ($280 million) fund aimed at seed-to-growth stage startups. And last year, Partech Ventures closed a $108 million fund for 80 seed-stage startups in the U.S. and Europe, which came shortly after a much larger $440 million fund aimed at growth-stage startups.