Breega is a VC fund founded in Paris in 2013. It manages €700 million and invests €500,000 to €10 million per round, from pre-seed to Series A, across digital, climate and deep tech. The fund is part of our roundup of VC funds in France. If you want to pitch, go straight to How to apply to Breega.
Paris, 2013. Three founders who have already built and sold startups keep asking the same question: "Why don't VC funds understand what founders go through?" Ben Marrel, François Paulus and Maximilien Bacot decide to build their own answer. Breega launches with a simple philosophy: "Built by founders, for founders". Twelve years later, the fund manages €700 million, has backed more than 110 startups (including Exotec, its first unicorn, valued at over $2 billion) and has expanded into Africa. B Corp certified, Breega represents a different model of venture capital: operational, committed, and grounded in founders' hands-on experience.
Screenshot of the breega.com homepage (March 2026)
The Breega story
Breega was born out of frustration. Three entrepreneurs had raised money for their own startups and kept running into the same gap between what founders live through every day and what investors actually understand about it.
Entrepreneurial roots (2013-2015)
Ben Marrel, François Paulus and Maximilien Bacot came from operating roles, with no background in finance. François Paulus, an INSEAD graduate, co-founded and ran LD COM/neuf cegetel in telecoms. Ben Marrel is a serial entrepreneur. Their shared conviction: the best early-stage investors are the ones who have personally lived through a startup's growing pains.
The first fund closed in 2015. From day one, the three partners set the rule: concrete operational support on the issues that kill startups (hiring, pricing, go-to-market, international expansion), without financial jargon or pointless monthly reporting.
Acceleration and the first unicorn (2020-2022)
In 2022, Exotec, a logistics robotics startup in Breega's portfolio, reached unicorn status with a valuation above $2 billion during a $335 million Series D. It became the most visible proof of Breega's "operator-VC" model. Founded in 2015 in Wasquehal, Exotec builds robotic systems for logistics warehouses used by Carrefour, Decathlon, Gap and Uniqlo.
Expansion into Africa (2021-2024)
In 2021, Breega started looking at Africa. In 2023-2024, the fund launched Africa Seed I, a dedicated $75 million vehicle for pan-African tech startups, and opened offices in Lagos and Cape Town. It was a bet: very few European early-stage funds have a physical presence on the African continent. Breega applies the same approach in Africa as in Europe: be on the ground, understand local founders, and provide operational support that goes beyond the check.
2025-2026: €700M under management
Today, Breega manages €700 million and claims a top-decile ranking among funds in its category. Europe Seed III (€150 million, 2023) is its latest European vehicle. The team numbers 44 people across Paris, London, Lagos and Cape Town.
Timeline of Breega's key investments and milestones
The founders and the team
Ben Marrel: founding CEO
Co-founder and CEO of Breega, Ben Marrel is a serial entrepreneur who chose to switch sides of the table. He approaches investing with operational empathy: he knows what it means when product-market fit won't come, when a key hire falls through, when burn rate speeds up. He draws on that experience in every investment decision.
François Paulus: chairman
Co-founder and Executive Chairman François Paulus brings experience in industrial-scale growth. His time at LD COM/neuf cegetel (telecoms) gave him an understanding of industrial operations that few VCs have. An INSEAD graduate, he safeguards the fund's financial discipline.
The wider team
Benjamin Deplus and Dan Shellard are Partners. Deplus sold his company. Shellard founded several businesses in the UK. Isabelle Gallo and Pauline Chau round out the investment team. What they share: every one of them has an entrepreneurial background. Breega builds its analyst bench from former founders rather than investment bankers.
The full team numbers 44 people, including the "Scaling Squad" (see investment thesis).
Breega's investment thesis
"Built by founders, for founders" describes an operating model.
Sectors: digital, climate, deep tech
Breega invests in three broad areas: digital (fintech, regtech, SaaS), climate (green mobility, clean energy, sustainability) and deep tech (quantum, robotics, cybersecurity). The common thread: companies whose defensible advantage rests on technology.
From pre-seed to Series A
On breega.com, Breega states a thesis running "from pre-Seed to Series A+". A partner interviewed by Bynd VC puts ticket sizes between €500,000 and €10 million per round, up to €25 million per company. That means the fund can reinvest in follow-on rounds for its best-performing companies.
The Scaling Squad, its differentiator
What makes Breega unique in the French VC landscape is the Scaling Squad: an in-house team of operational experts dedicated exclusively to supporting portfolio companies. Hiring, sales, marketing, strategy, international expansion: the team works directly inside portfolio startups to speed up their growth.
This is concrete, roll-up-your-sleeves operational work, a long way from one-off advice or a quarterly webinar. A founder struggling to hire their first VP Sales? The Scaling Squad helps define the profile, source candidates and structure the process. A founder unsure how to price their product? The Scaling Squad helps benchmark and test.
Breega also takes a board seat: "We always take a seat on the board," as the partner interviewed by Bynd VC puts it. The Scaling Squad complements this governance role with day-to-day operational support.
Geography: Europe and Africa
Breega's geographic footprint covers France, the UK and Spain in Europe, plus Nigeria and South Africa in Africa. Coverage across two continents is rare for a fund of this size.
B Corp certification
Breega is B Corp certified. The certification sets strict standards 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.
How to apply to Breega
The breega.com homepage features a "Deck us" link. It opens a Typeform application form where you submit your materials (checked on September 23, 2026).
Ways to reach Breega
- The "Deck us" form. This is the official channel the fund publishes on its homepage. Start here.
- An intro from a portfolio founder. Breega counts more than 110 startups in its portfolio, including Exotec, Didomi and Alice & Bob. Ask a founder from one of these companies to forward your deck with two lines of context.
- Paris tech events. The Breega team is active there, as noted in our ranking of VCs in Paris. A conversation in person sets the stage for sending your deck.
Your deck and the ticket size
Breega invests €500,000 to €10 million per round and always takes a board seat, according to the partner interviewed by Bynd VC. Size your raise within that range and make clear in your deck whether your startup fits digital, climate or deep tech.
Raise €100,000 to €500,000 with swanbase
swanbase invests €100,000 to €500,000 at seed and Series A, in France and across Europe. Our six investment theses and the application form are on the raise funding with swanbase page.
Notable portfolio
More than 110 startups, one unicorn, sixteen acquisitions. The headline names:
Breega's main investments and notable exits
Exotec, in logistics robotics, is the portfolio's first unicorn, valued at over $2 billion. Founded in Wasquehal in 2015, the company builds goods-to-person robotic systems used by Carrefour, Decathlon, Gap and Uniqlo. In fintech, Breega backed iBanFirst, a B2B neobank for international payments that has since exited the portfolio, along with two UK companies: Curve, which consolidates all of a user's bank cards into one, and Moneybox, which focuses on saving and investing for young professionals.
On the deep tech and impact side, Alice & Bob, a quantum computing startup co-backed with Elaia, carries the portfolio's biggest technology bet. Didomi, a GDPR consent management platform, grew alongside tighter regulation of personal data. 011h, a specialist in industrialized construction, reflects Breega's shift toward impact companies.
Key figures
| Item | Value |
|---|---|
| Founded | 2013 (first fund closed in 2015) |
| Headquarters | Paris, with offices in London, Lagos, Cape Town |
| Assets under management | €700 million |
| Startups backed | more than 110 |
| Unicorns | 1 (Exotec, valued at over $2 billion) |
| Acquisitions | 16 |
| Ticket per round | €500,000 to €10 million (up to €25 million per company) |
| Europe Seed III fund | €150 million (2023) |
| Africa Seed I fund | $75 million (2023-2024) |
| Team size | 44 people |
| Stages | pre-seed, seed, Series A |
| Sectors | digital, climate, deep tech (fintech, regtech, quantum, green mobility, cybersecurity) |
| Geography | France, UK, Spain, Nigeria, South Africa |
| Certification | B Corp |
| Claimed performance | top decile of its category |
FAQ
How do I contact Breega to pitch?
The breega.com homepage has a "Deck us" link that opens a Typeform application form, checked on September 23, 2026. You can also ask for an intro from one of the founders of the 110+ startups in the portfolio.
What is Breega's ticket size?
According to a partner interviewed by Bynd VC, Breega invests €500,000 to €10 million per round, and up to €25 million per company. The fund invests from pre-seed to Series A and always takes a board seat.
What is Breega's Scaling Squad?
The Scaling Squad is Breega's in-house team of operational experts, dedicated to supporting portfolio startups. It works on hiring, sales, marketing, strategy and international expansion. The fund keeps this operational work in-house, whereas seed-fund support often relies on outside advisors.
Is Breega B Corp certified?
Yes. Breega holds B Corp certification, which sets strict standards for governance and for social and environmental impact. It shapes the fund's investment practices and the ESG monitoring of portfolio startups.
Does Breega invest in Africa?
Yes. Breega launched Africa Seed I, a dedicated $75 million fund for pan-African tech startups, with offices in Lagos and Cape Town. It is 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. The logistics robotics startup, founded in Wasquehal in 2015, reached unicorn status in 2022 with a valuation above $2 billion.
Further reading
- top VCs in Paris
- VC funds in France in 2026
- raise funding with swanbase
- accelerators and incubators in France
