Breega Research
Investment Thesis
Breega is a generalist, pan-European and pan-African venture capital firm investing from pre-Seed to Series A+ in Digital, Climate, and Deep Tech startups. Founded by a team of serial entrepreneurs (Ben Marrel is CEO & Cofounder; François Paulus is Co-Founder & Executive Chairman), the firm's stated thesis is to back exceptional founders "sometimes before they even see it themselves," and to build companies that "don't just lead categories, but redefine them." Every team member has personally built or scaled a company, and the firm positions itself as an operating partner rather than a passive check-writer, running a dedicated "Scaling Squad" that gives portfolio companies hands-on support in hiring, sales, marketing, and strategy.
Sector Focus
Breega is explicitly a generalist fund ("We're a generalist fund," per CEO Ben Marrel), but its ~110-company portfolio skews heavily toward: Fintech and Insurtech (Sava, MoneyBox, Curve, Griffin, Lemonway, Klasha, Dalma, Cuvva, SoSure), HR Tech and future-of-work SaaS (Malibou, Socium, Coverflex, GoJob, Neobrain, Gymlib), Climate and Deep Tech (Alice & Bob, Exotec, 011H, Ensol, Sencrop, Gouach), PropTech (Ukio, Agenz, Hemea), HealthTech (BioOrbit, Paladin, Gynea, Apryl), RegTech and compliance (Keith, Thirdfort, Ubble), and Marketplaces/Logistics (Udelv, Shipfix, Capcar, Wecandoo). The firm has a specific, growing focus on Africa (Nigeria, Egypt, South Africa, Morocco) run through a dedicated Africa Seed fund, alongside its core European book.
Stage Focus
Breega invests from pre-Seed through Series A+, with the bulk of activity concentrated at pre-Seed and Seed. Its Africa Seed I fund specifically targets pre-Seed and Seed rounds, writing initial checks between $100K and $2M. In Europe, the firm both leads and co-leads rounds (e.g., leading PowerLabs' Nigeria pre-seed in April 2026; co-leading BioOrbit's £9.8M UK seed alongside LocalGlobe in April 2026; co-leading Edailabs' €5M French seed alongside Educapital in December 2025), indicating a flexible lead/follow posture depending on syndicate composition.
Check Size
Public disclosure is limited to the Africa Seed I fund, which writes initial checks of $100,000–$2,000,000. Firm-wide check size across the broader European funds (Seed III, €150M, closed 2023) is not explicitly published; ticket size should be treated as unconfirmed pending direct conversation.
Lead Tendency
Breega leads and co-leads rounds; evidence points to a mixed posture rather than a strict lead-only or follow-only mandate. The firm led PowerLabs' Nigerian pre-seed round outright, while co-leading BioOrbit's seed with LocalGlobe and Edailabs' seed with Educapital.
Recent Activity
Breega is actively deploying across two fund families: a core European fund (Europe Seed III, €150M, launched October 2023) and Breega Africa Seed I ($75M target, first close $75M announced June 2024, targeting Nigeria, Egypt, South Africa and other high-growth African markets). Notable 2025–2026 activity includes: leading PowerLabs' (Nigeria, energy/climate-tech) pre-seed round (April 2026); co-leading BioOrbit's (UK, in-space pharmaceutical manufacturing) £9.8M seed round, described as the world's largest seed round for in-space manufacturing (April 2026); and co-leading Edailabs' (France, AI-powered English-learning) €5M seed round (December 2025). The firm also added Augustin Blanchard as Partner in June 2026, and became a Certified B Corporation in April 2025.
Portfolio Highlights
Breega's portfolio spans 110+ companies across Europe and Africa. Frequently cited flagship names include Exotec (warehouse robotics, unicorn-scale), Alice & Bob (quantum error correction), MoneyBox (consumer savings/investing), 011H (carbon-neutral real estate), Coverflex (employee benefits SaaS), Carbon Maps (food industry climate impact), and Griffin (banking-as-a-service). Third-party trackers (Tracxn) credit the portfolio with at least one unicorn and 17 acquisitions to date, though specific exit names and terms are not independently confirmed here and should be verified before citing externally.
Team
- Ben Marrel — CEO & Cofounder. Serial entrepreneur; co-founded Breega and has led its growth since the firm's first fund closed in 2015.
- François Paulus — Co-Founder & Executive Chairman. Also a serial entrepreneur and former founder.
- Benjamin Deplus — Partner. Double-exited founder turned VC, active on portfolio operations ("Breega Jenga" content series).
- Dan Shellard — Partner. Serial entrepreneur.
- Melvyn Lubega — Partner.
- Matthieu Vallin — Partner, based in London. Focus: Seed to Series B, Health x Deeptech x Engineering x AI.
- Tosin Faniro-Dada — Partner, active on the Africa investment team (quoted as deal lead on PowerLabs).
- Augustin Blanchard — Partner, joined June 2026.
- Anne-Sophie Delage — Head of Talent, leads recruiting/people function for the firm and its portfolio ("Join Startups" program).
Decision Process
Breega operates as a multi-partner partnership (at minimum: Marrel, Paulus, Deplus, Shellard, Lubega, Vallin, Faniro-Dada, Blanchard) rather than a solo-GP structure, with regional partners covering both European and African tech hubs. No public disclosure of formal investment-committee mechanics or decision timelines was found.
Founder Preferences
The firm's public messaging repeatedly emphasizes that every team member has personally "built or scaled a company," and its homepage opens with the line "They've never built a company..." (overheard from founders about other investors) as a direct contrast point. This signals a strong preference for backing operators and technical founders who value hands-on, execution-focused support over passive capital, and Breega explicitly says it gives rejected founders transparent, substantive feedback rather than generic pass emails — a founder-experience point the firm markets directly (quoted testimonial from a deeptech founder it passed on).
Geographic Focus
Dual-hub model: main offices in London and Paris, with on-the-ground partners across Europe's and Africa's main tech hubs. The Africa practice specifically targets Nigeria, Egypt, South Africa, Morocco, and other high-growth African markets, run through the dedicated Breega Africa Seed I vehicle (first close $75M, June 2024) with new offices in Lagos and Cape Town.