2 days ago
Egypt: Breadfast pockets $10mln from EBRD in Series B2 Round
Arab Finance: Breadfast, an Egypt-based online grocery delivery platform, has bagged $10 million from the European Bank for Reconstruction and Development (EBRD) as part of second closing to the Series B2 Round, led by Novastar Ventures, EBRD announced.
The new funding round will be used to expand fulfillment centers in Cairo, Giza, Alexandria, and Mansoura, as well as to enter additional Egyptian cities.
The funding brings Breadfast's valuation to approximately $382–$400 million.
Breadfast currently processes nearly one million orders per month for more than 300,000 active users, with revenues exceeding $150 million in 2024.
The company is also developing its fintech arm, Breadfast Pay, which offers savings, withdrawals, and branded payment cards as part of its plan to broaden its range of services.
Founded in 2017 by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, Breadfast began with a focus on baked goods and has since expanded into a full-scale quick-commerce operation, delivering groceries and household essentials on demand.
The company's vertically integrated model, covering production quality control to last-mile delivery, supports its ability to provide consistent service.
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