AfDB backs Breega fund to expand early-stage technology investment across Africa

New funding targets startups in sectors such as fintech, climate tech and digital services, with a focus on key regional markets

The African Development Bank Group has committed more than €7.5 million (approximately $8.6 million) to the Breega Africa Seed I Fund, a vehicle designed to finance early-stage technology companies across the continent. The investment combines €5 million in equity from the bank with an additional €2.5 million junior tranche supported by the European Commission under the Boost Africa Initiative, which aims to expand access to capital for emerging entrepreneurs.

Breega operates as a venture capital firm focused on backing founders in digital, climate and deep-tech sectors, supporting companies from pre-seed through later funding rounds. Since its launch, the firm has scaled its assets under management and built a portfolio of more than 100 companies across Europe and Africa, with operations spanning cities such as Paris, London and Lagos.

The new fund is structured to direct capital into startups operating in areas including financial technology, insurance technology, agriculture, healthcare, logistics, education and climate-related solutions. The investment strategy prioritizes early-stage companies and concentrates on five main markets: Nigeria, South Africa, Kenya, Egypt and French-speaking African countries.

By allocating resources at the seed stage, the initiative is intended to expand the pipeline of technology ventures capable of scaling within regional and global markets, while supporting the development of local innovation ecosystems.