Generalist · VC Firm

Breega

Opportunistic French/European pre-Seed to Series A generalist with a high-conviction quantum bet on Alice & Bob (cat qubits), backed since its 2020 seed, plus adjacent photonics exposure via InSpek (on-chip bioprocess sensing, not quantum).

Active Paris, FranceFounded 2013

Investment thesis

Founder-friendly generalist VC founded in 2013 (first fund closed 2015), managing ~EUR 700M across five funds (pre-Seed to Series B), plus Africa Seed I ($75M first close, Jun 2024).

Backed Alice & Bob since its 2020 seed: participated in the EUR 3M seed, the EUR 27M Series A (Mar 2022) and the EUR 100M Series B (Jan 2025) led by FFC, AVP and Bpifrance.

Adds value through its in-house 'Scaling Squad' of operators (HR, sales, marketing): 70% of Breega-backed startups pass the seed stage vs ~35% market average.

Not a quantum specialist: a high-conviction single bet on Alice & Bob (cat qubits), plus adjacent photonics exposure via InSpek (on-chip sensing, not quantum).

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Generalist, not a quantum specialist: quantum is one opportunistic theme among Digital, Climate and Deep Tech, not a dedicated strategy or fund
  2. Essentially a single quantum bet (Alice & Bob, since the 2020 seed); the only other 'quantum' name, InSpek, is photonics/sensing, not quantum
  3. Early-stage tickets: anchored on pre-Seed to Series A; later quantum rounds are follow-on (reserves), not new lead capacity
  4. Public stance frames quantum as a 2030 horizon (Breega Medium, Feb 2025): conviction is real but thesis-level, not deep technical specialisation
  5. Did not participate in the May 2026 Series B extension (NVentures/Nvidia): exposure is set, not actively expanding

Notable quantum portfolio

Full portfolio
Alice&BobInSpek

Frequent co-investors