- Breadfast raised USD 10M from EBRD in its Series B2 round, led by Novastar Ventures, pushing valuation near USD 400 million.
- Funding will expand fulfillment centers in Cairo, Giza, Alexandria, Mansoura, and support entry into new Egyptian cities for broader coverage.
- The vertically integrated platform also launched Breadfast Pay, offering savings tools, deposits, withdrawals, and a branded card to diversify income.
Breadfast
Egypt’s grocery delivery giant, Breadfast, secured USD 10 million from the European Bank for Reconstruction and Development (ERBD). The funding was part of its Series B2 round and led by Novastar Ventures.
Moreover, this investment is pushing its valuation close to USD 400 million. The company’s valuation, according to VNV’s Global’s recent report, has increased to USD 382 million based on its latest transaction method.
With this investment, it aims to scale its operations across Egypt by expanding its fulfillment centers in Cairo, Giza, Alexandria and Mansoura. In addition, it aims to expand into new cities. Additionally, it aims to expand its vertically integrated grocery operations across Egypt. This includes its network of bakeries, fulfillment centers and last mile logistics infrastructure.
Grocery Delivery
Founded in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast is one of Egypt’s leading online grocery platforms. It operates multiple parts of the supple chain from production to doorstep delivery. Furthermore, it controls everything from sourcing, baking, fulfillment and delivery.
It has also recently expanded into fintech by launching Breadfast Pay. This is a fintech solution designed to provide savings tools, deposits, withdrawals, and a branded payment card. Moreover, with this expanded multi-service strategy, Breadfast aims to deepen customer relationships and diversify its income streams.
Bottom Line: Breadfast’s USD 10M funding will support expansion into new cities and services. Its mix of grocery delivery and fintech is a clear sign of its super-app ambitions.
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