Inside Breega: Entrepreneurial DNA at the heart of venture capital

Ben : At the heart of Breega lies a conviction: for too long, VC in Europe had been in the hands of finance professionals, while launching an early-stage startup is, above all, an operational, product and tech challenge.

My two co-founders, François Paulus and Maximilien Bacot, and I all came from the tech entrepreneurship world. As former founders and business angels, we saw a clear need for a more entrepreneurial approach to funding. So we decided to build a fund entirely composed of ex-entrepreneurs, to support founders with a real understanding of their challenges.

Initially, people looked at us with surprise – this wasn’t the dominant model in Europe. But when we turned to the US, we saw several funds run by former founders. That’s when we realised we might be onto something. Ten years later, Breega has a team of 40 people, over half of whom are in investment – all ex-entrepreneurs or startup operators. That remains our core differentiator.

Ben : At Breega, the number one criteria is the team. That’s always where it starts. Of course, we also look at market size, the relevance of the problem being solved, the strength of the technology or product, and the potential for defensibility. These all matter – but none can make up for a mediocre team. On the other hand, an exceptional team can reshape a market, pivot a business model, and overcome unforeseen challenges.

We try to spot that human potential early on – that entrepreneurial energy and strong execution. It’s often what separates the projects that soar from those that fall.
This is reflected across our portfolio. Companies like Exotec, Moneybox, Gojob, Alice & Bob, Lemonway, Ibanfirst or 011H have all hit major milestones largely thanks to remarkable founders. Their vision, drive, and ability to rally people and execute were decisive. It’s always the people who shape the journey.

Ben : At Breega, we reimagined the investment process based on our entrepreneurial experience. We know how long, opaque and frustrating the traditional fundraising path can be: endless meetings, limited visibility, and a final partner meeting that delivers a verdict after weeks of uncertainty. Meanwhile, founders waste precious time they should be using to execute.

That’s why we flipped the process. From the second meeting, founders meet our “Jedi Council” – our investment committee tasked with making a quick, meaningful decision: are we moving forward or not? It’s not a race for speed – it’s about clarity and efficiency. Either we go forward together, or we free the founders to pursue other opportunities. That transparency is something we know founders value.

When we decide to invest, we go all in. We always lead the round, help structure it, bring in other investors, and above all, stay involved over the long term. It’s not just about capital – even though we often invest over €30 million in our top companies. To us, “investing boldly” means standing alongside founders at every step: from the first round to international expansion, from hiring key roles to making strategic choices. We deploy our resources, our scaling team, our network and experience to maximise their chances of success. We don’t just fund – we co-build.

Ben : It all stems from our DNA. Our conversations are peer-to-peer. When a founder talks to us, they’re speaking to someone who’s been through similar challenges – the doubts, tough decisions, and strategic shifts. That shared experience creates real closeness, faster trust, and mutual understanding that goes beyond the numbers.

Beyond that peer dynamic, we offer concrete support. We were one of the first VC funds in Europe to build an in-house team dedicated entirely to supporting portfolio companies. This “scaling” team now includes ten people. Their mission: help our startups grow fast and sustainably by tackling real, everyday issues – organisation, recruiting key talent, sales strategy, brand positioning, internal structure…

This isn’t remote consulting or occasional favours. It’s deep, hands-on work, co-developed with founders, and aligned with their priorities. Many funds claim to be hands-on. Very few actually have a dedicated team with strong operational expertise ready to step in at any moment. We built ours from the start, because we believe our job doesn’t end at the investment – that’s where it truly begins.

Having a team made up entirely of entrepreneurs also expands our network exponentially. We can open doors across Europe – and often beyond. We’ve also strategically chosen to include tech entrepreneurs and industry leaders among our LPs. These are people who understand the field, have the right connections, and can help our startups in very real ways – through client introductions, talent sourcing, or strategic partnerships.

Ben : From day one, Breega was built as a European fund. We started in France but chose to go international early. Today, our investment team is split equally between Paris and London, and we also have an office in Barcelona. This triad lets us effectively cover continental Europe, the UK and Southern Europe. That pan-European positioning is still quite rare – especially among French funds. It’s a real strength. And it’s no coincidence that I’m now based in London. It’s a strategic choice: to be where the decisions are made and where the next generation of founders is emerging.

But our ambitions go beyond Europe. In 2024, we launched a dedicated Africa-focused fund. It’s a project we’d been thinking about for a long time. Over the past decade, we’ve seen a growing, high-potential African deal flow, often led by diaspora entrepreneurs educated in Europe – in Paris or London – returning to build tech solutions in their home countries. After seeing these opportunities without the right tools to support them, we decided to act. A dedicated fund allows us to engage in a coherent and impactful way.

Our conviction is clear: digital transformation is essential for Africa. The continent is experiencing explosive population growth, and it won’t be possible to meet basic needs – housing, education, jobs, healthcare – without robust tech infrastructure. In Africa more than anywhere else, tech isn’t a luxury – it’s a prerequisite for economic survival. And after ten years of experience in Europe, we feel we can contribute something meaningful and impactful.

Ben : Our role as VCs is undergoing a transformation – and that’s a good thing. At Breega, we’re tech people. So naturally, we integrate technology wherever it makes sense. Today, we operate with a back office of just a few people to manage 7 funds and €700 million. It’s not magic – it’s the result of a continuous effort to digitalise and automate everything that can be.

We use both off-the-shelf tools — CRM systems, data lakes, tracking platforms — and solutions we’ve developed in-house, like Heartrbeat, our proprietary tool for tracking, qualifying, and comparing investment opportunities. We also leverage generative AI models: our conversations with founders are automatically transcribed, summarised, and shared with the team using LLM-powered tools. This helps us gain clarity, speed, and alignment.
That said, we stay grounded: technology doesn’t replace everything. At the pre-seed stage, for example, there’s very little data to analyse. Sometimes, it’s just two people in a garage, and we have to assess their potential. At that stage, it’s still about intuition, experience, and picking up on subtle signals. And that’s a good thing — because it’s also where the human richness of this job lies.

Ben : It’s a constant balancing act. Every investor has their own personal chemistry, sensitivities, and risk appetite. But one thing is certain: you have to stay humble. Even in Silicon Valley, where VC has existed for over 80 years, mistakes are common. And understandably so: everything evolves. Technologies, behaviours, markets — and also founder profiles and their approaches to scaling. What was true yesterday may not be tomorrow. The only healthy reflex is to never get too comfortable in your convictions.

At Breega, we try to embed that humility into our investment culture. We challenge our own intuitions, invite diverse perspectives within the team, and rely on tools that force us to structure our thinking — while always remembering that this job is fundamentally about people.

Ben : We have plenty of ideas. Having entrepreneurs at the helm of the fund brings a lot of creative energy. We’re exploring new geographies, new investment stages, and tech verticals where we could be more aggressive.

But beyond the specific projects, our ambition is crystal clear: to make Breega a leading name in innovation investment across Europe. And most importantly, to become the natural first choice for founders. The day a founder says, “I’m starting a company — who do I want alongside me for the journey?” — we want Breega to be the first name that comes to mind.

In ten years, Breega has proven that a fund created by entrepreneurs can truly transform how innovation is supported. With a firm European presence, a hands-on operational approach, and a clear ambition for the years ahead, the fund is charting its own course beyond the well-trodden paths of traditional venture capital.
And this is only the beginning. Because listening to Ben Marrel, one thing is certain: Breega is far from done shaking up the VC landscape in Europe — and beyond.