AfDB commits €7.5m to Breega Africa Seed I Fund
Paris-based VC Breega will deploy capital into early-stage African technology companies.
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The African Development Bank Group has approved a €7.5 million investment in the Breega Africa Seed I Fund, to support Africa’s most promising technology startups in their early stages.
The bank will invest €5 million in equity capital and €2.5 million in the form of a junior tranche on behalf of the European Commission, as part of the Boost Africa Initiative to support young entrepreneurs with innovative businesses across the African continent.
The fund will back early-stage companies across several technology sectors, including fintech, insurtech, agritech, healthtech, logistics, edtech, and climate tech. The aim is to expand access to essential services such as healthcare, finance, and education in underserved communities.
It will focus on five key markets: Nigeria, South Africa, Kenya, Egypt, and Francophone Africa.
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