The Egyptian grocery delivery platform Breadfast has received a $10 million investment from the European Bank for Reconstruction and Development (EBRD) as part of its Series B2 funding round. The new capital will be used to expand the company’s operations across Egypt.
By the Numbers
- $10 Million: The value of the new Series B2 funding round.
- $382 Million: The company’s recent valuation, making it one of Egypt’s most valuable startups.
- $26 Million: The value of the company’s previous Series A round in 2021.
- Under 60 minutes: The rapid delivery time for thousands of products.
- 2017: The year Breadfast was founded.
A Strategic Push to Scale Operations in Egypt
This new funding will be used to fuel Breadfast’s continued growth within its home market of Egypt. The company plans to invest the capital in expanding its network of bakeries, dark stores, and its logistics infrastructure to serve a wider customer base and improve efficiency.
Backed by a Mix of Global and Regional Investors
The funding round was led by the Africa-focused firm Novastar Ventures, with the EBRD providing this latest tranche of capital. Breadfast is also backed by other prominent investors, including VNV Global, which led its 2021 Series A round.
About Breadfast
Founded in 2017 by Mostafa Amin, Mohamed Habib, and Abdallah Nofal, Breadfast has become a leading player in Egypt’s quick commerce scene. The company offers thousands of products for instant delivery in several Egyptian cities, managing an integrated supply chain from production all the way to the customer’s doorstep.
Looking Ahead
With a valuation approaching half a billion dollars and significant new funding, Breadfast is strongly positioned to solidify its leadership in the Egyptian market. The company’s focus on expanding its physical infrastructure and logistics capabilities is a key part of its strategy to dominate the highly competitive grocery delivery sector.
Source: Jawlah
