Tech

Paris-based venture capital firm Breega sets up $75m Africa-focused fund

Published

6 months ago

June 21, 2024

Paris, a France-based Venture Capital firm, Breega, has announced setting up its first African-focused fund, “Breega Africa Seed I”, with a $75 million seed which aims to become the leading early-stage investor in African startups.

Breega, which is one of the fastest-growing early stage funds in Europe, also announced opening two new offices in Lagos, Nigeria, and Cape Town, South Africa, to manage the new pan-African fund.

A statement from the firm on Friday said since closing its first fund in 2015, the company which also has offices in London and Barcelona, has reached $700 million in assets under management, while invested in over 100 startups across 15 countries.

Melvyn Lubega, co-founder of digital education unicorn Go1 who will lead Breega’s activities in Eastern and Southern Africa from the Cape Town office, said the firm, endowed with the $75 million fund, will invest in ventures in Nigeria, Egypt, South Africa and Kenya, as well as several French-speaking African countries, such as Morocco, Senegal, Ivory Coast, Cameroon and the Democratic Republic of Congo (DRC).

“With this fund, Breega plans on investing checks ranging from $100,000 to $2 million, entering as the initial investor,” said Lubega.

“It will focus on high-impact and sustainable innovations that meet the Sustainable Development Goals (SDGs) as defined by the United Nations, by investing in pivotal sectors such as agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech and logistics.

“Today, Africa receives one per cent of global funding for a region which is home to 18 per cent of the population of the planet.

“This is a large funding gap to close across a continent at the dawn of its technological potential. Breega, an international fund for founders built by founders, has a unique role to play in bridging this gap,” Lubega stated.

Nigerian born Tosin Faniro-Dada, former CEO of Endeavor in Nigeria, will be the partner in charge of West and North Africa, and is expected to contribute her experience, notably as a board member of African fintech unicorn Flutterwave.

“Africa is experiencing a boom in entrepreneurship, reflecting a surge of innovation and ambition across the continent,” Faniro-Dada said.

“Our entrepreneurs are driven by the ambition to find solutions to the continent’s challenges. It is truly inspiring and I’m thrilled to be able to support them thanks to the unique model we’ve developed at Breega,” she said.

Related Topics:Africa Breega Featured Funding Venture Capital

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

1 day ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

2 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation