The African Development Bank Group has approved an investment of about $8.1 million in the Breega Africa Seed I Fund to support early-stage technology startups across the continent.
The investment comprises $5.4 million in equity from the bank and a further $2.7 million junior tranche financed on behalf of the European Commission under the Boost Africa Initiative, which backs entrepreneurship in Africa.
The fund will target startups in sectors including fintech, insurtech, agritech, healthtech, logistics, education technology and climate technology, with a focus on expanding access to essential services such as healthcare, finance and education in underserved communities.
It will invest primarily in Nigeria, South Africa, Kenya, Egypt and Francophone Africa, key hubs for innovation and venture activity on the continent.
The African Development Bank said the investment aligns with its priorities of mobilising private capital, supporting job creation particularly for women and youth and strengthening climate resilience and sustainable value chains.
Breega, which manages around €700 million in assets, invests from pre-seed to Series A stages and provides operational support to portfolio companies. The firm, founded in 2015, has offices in Paris, London and Lagos and has backed more than 110 companies.