Breega: Portrait of the VC Fund Built by Founders, for Founders
Paris, 2013. Three founders who have already built and sold startups ask themselves the same question: "Why don't VC funds understand what founders actually go through?" Ben Marrel, François Paulus and Maximilien Bacot decide to build their own answer. Breega is born with a simple philosophy: "Built by founders, for founders." Twelve years later, the fund manages 700 million euros, has backed more than 110 startups (including Exotec, its first portfolio unicorn, valued at over 2 billion dollars), and has expanded all the way to Africa. As the only major French VC certified BCorp, Breega embodies a different model of venture capital: operational, committed, and grounded in the hands-on experience of founders.
Screenshot of the breega.com homepage (March 2026)
The story of Breega
Breega is the product of a frustration. The frustration of three entrepreneurs who, after raising money for their own startups, noticed a persistent gap between what founders live day to day and what investors understand of their reality.
Entrepreneurial roots (2013-2015)
Ben Marrel, François Paulus and Maximilien Bacot don't come from finance. They come from the field. François Paulus co-founded and ran LD COM/neuf cegetel in telecoms, and trained at INSEAD. Ben Marrel is a serial entrepreneur. Maximilien Bacot rounds out the trio. Their shared conviction: the best early-stage investors are the ones who have lived through a startup's growth problems themselves. Not the ones who read about them in a PowerPoint.
The first fund closes in 2015. The DNA is set from the start: no empty financial jargon, no pointless monthly reporting, but concrete operational support on the issues that kill startups (hiring, pricing, go-to-market, international expansion).
Acceleration and the first unicorn (2020-2022)
In 2022, Exotec, a logistics robotics startup in the Breega portfolio, reaches unicorn status with a valuation exceeding 2 billion dollars in a 335-million-dollar Series D round. It's a major validation: Breega's "operator-VC" model produces results at scale. Founded in 2015 in Wasquehal, Exotec builds robotic systems for logistics warehouses used by Carrefour, Decathlon, Gap and Uniqlo.
African expansion (2021-2024)
In 2021, Breega starts looking at Africa. In 2023-2024, the fund launches Africa Seed I, a dedicated 75-million-dollar vehicle for pan-African tech startups. Offices open in Lagos and Cape Town. It's a bet: few European early-stage funds have a physical presence on the African continent. Breega replicates in Africa the same logic it applies in Europe: being on the ground, understanding local founders, and providing operational support that goes beyond the check.
2025-2026: 700M€ under management
Today, Breega manages 700 million euros and claims performance in the top 10% of funds in its category. The Europe Seed III fund (150 million euros, 2023) is its latest European vehicle. The team numbers 44 people, spread across Paris, London, Lagos and Cape Town.
Timeline of Breega's investments and key milestones
The founders and the team
Ben Marrel: the founding CEO
Co-founder and CEO of Breega, Ben Marrel is a serial entrepreneur who chose to move to the other side of the table. His approach to investing is marked by operational empathy: he knows what it means when product-market fit won't come, when a key hire falls through, when the burn rate starts to accelerate. It's that experience that informs every investment decision.
François Paulus: the chairman
Co-founder and Executive Chairman, François Paulus brings large-scale scaling experience. His time at LD COM/neuf cegetel (telecoms) gave him an understanding of industrial operations that few VCs possess. Trained at INSEAD, he is the guardian of the fund's financial discipline.
The extended team
Benjamin Deplus and Dan Shellard are Partners. Deplus is a founder who has exited a company. Shellard is a British serial entrepreneur. Isabelle Gallo and Pauline Chau complete the investment team. The common thread: they all have an entrepreneurial background. Breega doesn't hire investment bankers as analysts. It hires people who have built things.
The full team is 44 people, including the famous "Scaling Squad" (see investment thesis).
Breega's investment thesis
"Built by founders, for founders" is not a marketing slogan. It's an operating model.
Focus: Digital, Climate, Deep Tech
Breega invests across three broad areas: digital (fintech, regtech, SaaS), climate tech (green mobility, clean energy, sustainability), and deep tech (quantum, robotics, cybersecurity). The common thread: companies whose competitive edge rests on technology, not on marketing.
Pre-Seed to Series A: the heart of the game
Breega comes in from pre-seed to Series A, with average tickets of around 5 million euros (estimated based on a 150-million fund for roughly 30 deals). The fund can reinvest in later rounds for its best investments.
The Scaling Squad: the real differentiator
What makes Breega unique in the French VC landscape is the Scaling Squad. It's an in-house team of operational experts dedicated exclusively to supporting portfolio companies. Hiring, sales, marketing, strategy, international expansion: the Scaling Squad works directly inside portfolio startups to help them scale.
This isn't consulting. It isn't a quarterly webinar. It's concrete, hands-on operational work. A founder struggling to hire their first VP of Sales? The Scaling Squad helps define the profile, source candidates, and structure the process. A founder who doesn't know how to price their product? The Scaling Squad helps them benchmark and test.
Few seed funds offer this level of support. Most settle for a board seat and a few introductions. Breega invests structurally in the operational success of its startups.
Geography: Europe and Africa
Breega's geographic scope covers France, the United Kingdom and Spain in Europe, along with Nigeria and South Africa in Africa. This bi-continental coverage is rare for a fund of this size. It reflects a conviction: innovation knows no borders, and the best opportunities are sometimes where others aren't looking yet.
BCorp certification
Breega is the only major French VC fund certified BCorp. This isn't a decorative label: BCorp certification imposes strict criteria for governance, social impact, environmental impact, and transparency. For a VC fund, that means investment practices that build ESG criteria into how startups are selected and monitored.
Notable portfolio
More than 110 startups, 1 unicorn, 16 acquisitions. Here are the flagship names:
Breega's main investments and notable exits
Exotec: logistics robotics. The portfolio's first unicorn, valued at over 2 billion dollars. Exotec builds goods-to-person robotic systems used by Carrefour, Decathlon, Gap and Uniqlo. Founded in Wasquehal in 2015, the company employs more than 900 people.
iBanFirst: a B2B neobank specializing in international payments for companies. A successful portfolio exit.
Alice & Bob: a quantum computing startup (co-investment with Elaia). One of the portfolio's most ambitious deep tech bets.
Curve: a British fintech and bank-card aggregator. It lets users combine all their cards into a single one.
Moneybox: a British fintech specializing in savings and investing for millennials.
Didomi: a GDPR consent management platform (regtech). A solution that has become essential as data protection regulation has ramped up.
011h: an industrialized construction startup. A climate tech investment that illustrates Breega's shift toward impact-driven companies.
Key figures
- Founded: 2013 (first fund closed in 2015)
- Headquarters: Paris, with offices in London, Lagos, Cape Town
- AUM (assets under management): 700 million euros
- Number of startups backed: 110+
- Unicorns: 1 (Exotec, valued at 2Bn$+)
- Acquisitions: 16
- Europe Seed III fund: 150 million euros (2023)
- Africa Seed I fund: 75 million dollars (2023-2024)
- Team size: 44 people
- Stages: Pre-Seed, Seed, Series A
- Sectors: digital, climate tech, deep tech (fintech, regtech, quantum, green mobility, cybersecurity)
- Geography: France, UK, Spain (Europe), Nigeria, South Africa (Africa)
- Certification: BCorp
- Claimed performance: top 10% of funds in its category
FAQ
What is Breega's Scaling Squad?
The Scaling Squad is an in-house team of operational experts at Breega, dedicated to supporting portfolio startups. It works on hiring, sales, marketing, strategy and international expansion. It isn't outside consulting: it's integrated operational work, which is what sets Breega apart from most seed funds.
Is Breega BCorp certified?
Yes. Breega is the only major French VC fund to hold BCorp certification, which imposes strict criteria for governance and social and environmental impact. The certification shapes investment practices and ESG monitoring across portfolio startups.
Does Breega invest in Africa?
Yes. Breega launched Africa Seed I, a dedicated 75-million-dollar fund for pan-African tech startups, with offices in Lagos and Cape Town. It's one of the few European early-stage funds with a physical presence on the African continent.
What is Breega's biggest success?
Exotec is Breega's flagship success. This logistics robotics startup, founded in Wasquehal in 2015, reached unicorn status in 2022 with a valuation exceeding 2 billion dollars.
