The fund aims to become a leading source of early-stage capital for promising African startups.

Breega, established in 2015, has a strong track record with over $700 million in assets under management and investments in more than 100 startups across 15 countries.

To support its African expansion, the firm has opened new offices in Lagos, Nigeria, and Cape Town, South Africa.

Breega Africa Seed I boasts a war chest of $75 million earmarked for ventures in high-growth African markets like Nigeria, Egypt, South Africa, and Kenya.

The fund will also target French-speaking African countries, including Morocco, Senegal, Ivory Coast, Cameroon, and the Democratic Republic of Congo.

Investment sizes will range from $100,000 to $2 million, with Breega often acting as the initial investor.

The focus will be on innovative companies addressing critical challenges and aligning with the UN’s Sustainable Development Goals (SDGs).

Target sectors include agriculture technology, education technology, healthcare technology, financial technology, insurance technology, property technology, and logistics.

Several prominent African startups have already benefited from Breega’s initial investment and expertise, including Numida, Socium, Klasha, Kwara, Coachbit, and Sava.

The fund is led by a seasoned team: Melvyn Lubega, co-founder of the education technology unicorn Go1, and Tosin Faniro-Dada, former CEO of Endeavor Nigeria.

“Africa, with 18% of the world’s population, receives only 1% of global venture funding. This is a significant gap for a continent brimming with technological potential,” said Lubega.

“Breega, being an international fund built by founders for founders, is uniquely positioned to bridge this gap.”

Faniro-Dada, responsible for West and North Africa, brings experience from her role as a board member at the African fintech giant Flutterwave.