The African Development Bank Group’s Board of Directors has approved a €7.5 million investment in the Breega Africa Seed I Fund to help scale some of Africa’s most promising early-stage technology start-ups. The financing is aimed at strengthening support for innovative young businesses across the continent during the critical seed stage of growth.
The investment includes €5 million in equity capital from the Bank Group and an additional €2.5 million in the form of a junior tranche on behalf of the European Commission. This contribution is being made under the Boost Africa Initiative, which is designed to expand access to finance for young African entrepreneurs building innovative businesses.
The fund will target early-stage companies operating in a wide range of technology sectors, including fintech, insurtech, agritech, healthtech, logistics, diversity and inclusion, edtech, and climate tech. Through these investments, the fund aims to improve access to essential services such as healthcare, finance, and education for underserved communities across Africa.
Geographically, the fund will concentrate on five major innovation hubs: Nigeria, South Africa, Kenya, Egypt, and Francophone Africa. These markets have been identified as key centers for start-up growth and are expected to play an important role in expanding the reach and impact of technology-driven solutions on the continent.
The investment also aligns with the African Development Bank Group’s Four Cardinal Points for Africa’s development. It supports the mobilization of Africa’s financial resources by expanding development financing for early-stage enterprises, helps leverage the continent’s demographic dividend through job creation for women and youth, and advances resilience and value addition by backing climate tech and agritech ventures that promote sustainable innovation and climate-resilient growth.
Breega is a venture capital firm that supports founders in digital, climate, and deep tech across Europe and Africa, from pre-seed to Series A+ stages. Established in 2015, the firm has grown to manage €700 million in assets, operates from offices in Paris, London, and Lagos, and has backed more than 110 companies, combining capital investment with hands-on operational support in areas such as hiring, sales, marketing, and strategy.
