Latest news with #NovastarVentures
Zawya
2 days ago
- Business
- Zawya
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. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Wamda
4 days ago
- Business
- Wamda
Breadfast bags $10 million from EBRD, nears $400 million valuation
Breadfast, Egypt's quick-commerce grocery app, has raised $10 million from the European Bank for Reconstruction and Development (EBRD) as part of its Series B2 financing, led by Novastar Ventures. The funding pushes Breadfast's valuation to approximately $382–400 million, reflecting strong investor confidence in its growth trajectory. Founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal, Breadfast offers on-demand delivery of groceries and other household essentials, having initially started its business with a focus on baked goods. The new capital will support the expansion of fulfilment centres across Cairo, Giza, Alexandria, and Mansoura and allow access to new Egyptian cities. Breadfast is also ramping up its fintech arm, Breadfast Pay, offering customers enhanced services such as savings, withdrawals, and branded payment cards—key to building a broader super-app experience. Press release: Breadfast, Egypt's market-leading online grocery delivery platform, has raised $10 million in a Series B2 funding round from the European Bank for Reconstruction and Development (EBRD), in partnership with Novastar Ventures. This latest funding places Breadfast's valuation at an impressive $382–400 million, underscoring strong investor confidence in its business model and growth potential. The investment will accelerate Breadfast's ambition to extend its fulfilment network, increasing capacity in core cities—Cairo, Giza, Alexandria, and Mansoura—and expanding into new markets. The success of Breadfast reflects its vertically integrated model, managing everything from quality control in baking to last-mile delivery, thus enabling rapid, reliable service. Now handling nearly 1 million orders per month for over 300,000 active users, with revenues surpassing $150 million in 2024, Breadfast is emerging not only as a quick-commerce leader but also as a growing fintech player through its Breadfast Pay offering.
Business Insider
5 days ago
- Business
- Business Insider
Nigerian food delivery startup Chowdeck raises $9m to drive quick commerce and expand operations
Chowdeck has raised $9 million in Series A funding to expand into more cities and roll out a quick commerce strategy aimed at speeding up grocery and local market deliveries. Chowdeck raised $9 million in Series A funding to expand its African operations and implement a quick commerce strategy. Leading investors, including Novastar Ventures and Y Combinator, support its efforts to scale sustainably and improve logistics. Funds will enhance delivery services for food, groceries, and medicine, especially through dark stores and hyperlocal systems. Chowdeck, Africa's leading on-demand delivery platform, has raised $9 million in Series A funding to expand into more cities in Nigeria and Ghana and roll out a quick commerce strategy aimed at speeding up grocery and local market deliveries. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others. The investors bring global networks, sector expertise, and operational know-how to help Chowdeck scale sustainably and navigate Africa's complex logistics landscape. The fresh capital will support faster, more reliable delivery of food, groceries, and medicine. Chowdeck's quick commerce push, powered by dark stores and hyperlocal logistics, will cut delivery times, improve service coverage, and accelerate entry into underserved cities. Commenting on the raise, Femi Aluko, CEO and co-founder of Chowdeck, said, 'We're thrilled about this round as it brings us closer to our vision of becoming Africa's number one super app, transforming how millions of Africans access food, groceries and essentials every day." "This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.' Chowdeck's operation Launched in October 2021, Chowdeck has become the go-to technology partner for food and hospitality businesses in Africa, offering solutions from logistics and inventory management to payments and analytics. Last year, the startup raised a $2.5 million seed round. Today, it serves over 1.5 million customers through more than 20,000 riders across 11 cities, with average delivery times of 30 minutes. The value of meals delivered via its platform in 2024 surged more than sixfold from the previous year, with 2025 already surpassing the total from last year.
Yahoo
5 days ago
- Business
- Yahoo
Nigerian profitable food delivery Chowdeck lands $9M from Novastar, Y Combinator
Chowdeck, a Lagos-based food delivery startup that has stayed profitable in a notoriously tough and low-margin market, has raised $9 million in Series A funding to launch a quick commerce strategy and expand into more cities in Nigeria and Ghana. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others. The investors are betting on the team's ability to pair local market expertise with execution and turn a notoriously difficult sector into a profitable super app for food, groceries and essentials. 'We're thrilled about this round as it brings us closer to our vision of becoming Africa's number one super app,' CEO and co-founder Femi Aluko said. 'This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.' Founded in October 2021 by Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck now operates in 11 cities across Nigeria and Ghana, serving 1.5 million customers with a network of more than 20,000 riders. Its logistics system averages 30 minutes per order, and in dense areas, more than half of deliveries arrive by bicycle. While prominent players have exited or scaled back their African operations, Chowdeck has leaned into the complexity of local markets—delivering local meals, an operationally harder challenge—to build trust with customers. In 2024, the value of meals delivered through Chowdeck grew more than sixfold from the previous year. This year, the company says it passed its 2024 total before July. The new funding will help Chowdeck roll out quick commerce, ultra-fast delivery backed by a network of dark stores and hyperlocal logistics hubs. The company plans to open 40 dark stores by the end of this year and 500 by the end of 2026, with two to three new stores launching each week. Chowdeck raised a $2.5 million seed round last year. Food delivery is a crowded business globally, but when done well, it has led to some other big companies like DoorDash. Quick commerce, on the other hand, has been a capital-intensive gamble in most markets. In Europe, Gorillas and Getir burned through hundreds of millions of dollars before retreating or consolidating. In India, platforms like Blinkit, Zepto and Swiggy have had varying levels of success with the model when it comes to profitability. Chowdeck has been profitable since before this raise and Aluko says the company doesn't enter cities or verticals without planning to break even within a couple of weeks. For instance, the food delivery platform entered neighbouring Ghana this May. Within three months, it was handling 1,000 daily orders without paid advertising, which, according to Aluko, came from pent-up demand for a service that delivers local favorites alongside international cuisines. The company aims to quintuple that volume to 5,000 daily orders by the end of September 2025. Aluko says Chowdeck plans to apply the same playbook to dark stores, which will complement its restaurant and grocery delivery operations. Another vertical complementing these operations will be software. This June, the YC-backed startup acquired Mira, a point-of-sale provider for African food and hospitality businesses. Mira's tools manage inventory and orders in real time; now, it will help Chowdeck optimize its operations, positioning the company as a vertical SaaS-plus-logistics provider for restaurants. Chowdeck's raise is a win for local players in the sector, after Jumia's exit left market share to foreign brands such as Glovo, Bolt Food, and Yango. Yet, some of these companies have also withdrawn from certain markets, including Nigeria and Ghana, which Chowdeck is now targeting aggressively. Super apps such as Gozem, YC-backed Yassir, and MNT-Halan are other local companies offering food delivery services in other African markets. 'The market is still very early,' Aluko said. 'Customer behavior is shifting online for the first time. A whole generation is growing up ordering food without ever having walked into some of the restaurants or markets on our platform.' For lead investor Novastar Ventures, the bet is on execution and local insight. 'Chowdeck is building the future of logistics for African cities,' said partner Brian Waswani Odhiambo. 'With deep local insight, a sustainability-first approach, and impressive execution, it is redefining last-mile delivery on the continent.' Nigeria's YC-backed Chowdeck hopes to scale food delivery, a notoriously tough market, with $2.5M funding Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
5 days ago
- Business
- TechCrunch
Nigerian profitable food delivery Chowdeck lands $9M from Novastar, Y Combinator
Chowdeck, a Lagos-based food delivery startup that has stayed profitable in a notoriously tough and low-margin market, has raised $9 million in Series A funding to launch a quick commerce strategy and expand into more cities in Nigeria and Ghana. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others. The investors are betting on the team's ability to pair local market expertise with execution and turn a notoriously difficult sector into a profitable super app for food, groceries and essentials. 'We're thrilled about this round as it brings us closer to our vision of becoming Africa's number one super app,' CEO and co-founder Femi Aluko said. 'This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.' Founded in October 2021 by Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck now operates in 11 cities across Nigeria and Ghana, serving 1.5 million customers with a network of more than 20,000 riders. Its logistics system averages 30 minutes per order, and in dense areas, more than half of deliveries arrive by bicycle. The new funding will help Chowdeck roll out quick commerce, ultra-fast delivery backed by a network of dark stores and hyperlocal logistics hubs. The company plans to open 40 dark stores by the end of this year and 500 by the end of 2026, with two to three new stores launching each week. Chowdeck raised a $2.5 million seed round last year. Image Credits:Chowdeck Food delivery is a crowded business globally, but when done well, it has led to some other big companies like DoorDash. Quick commerce, on the other hand, has been a capital-intensive gamble in most markets. In Europe, Gorillas and Getir burned through hundreds of millions of dollars before retreating or consolidating. In India, platforms like Blinkit, Zepto and Swiggy have had varying levels of success with the model when it comes to profitability. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Chowdeck has been profitable since before this raise and Aluko says the company doesn't enter cities or verticals without planning to break even within a couple of weeks. For instance, the food delivery platform entered neighbouring Ghana this May. Within three months, it was handling 1,000 daily orders without paid advertising, which, according to Aluko, came from pent-up demand for a service that delivers local favorites alongside international cuisines. The company aims to quintuple that volume to 5,000 daily orders by the end of September 2025. Aluko says Chowdeck plans to apply the same playbook to dark stores, which will complement its restaurant and grocery delivery operations. Another vertical complementing these operations will be software. This June, the YC-backed startup acquired Mira, a point-of-sale provider for African food and hospitality businesses. Mira's tools manage inventory and orders in real time; now, it will help Chowdeck optimize its operations, positioning the company as a vertical SaaS-plus-logistics provider for restaurants. Chowdeck's raise is a win for local players in the sector, after Jumia's exit left market share to foreign brands such as Glovo, Bolt Food, and Yango. Yet, some of these companies have also withdrawn from certain markets, including Nigeria and Ghana, which Chowdeck is now targeting aggressively. Super apps such as Gozem, YC-backed Yassir, and MNT-Halan are other local companies offering food delivery services in other African markets. 'The market is still very early,' Aluko said. 'Customer behavior is shifting online for the first time. A whole generation is growing up ordering food without ever having walked into some of the restaurants or markets on our platform.' For lead investor Novastar Ventures, the bet is on execution and local insight. 'Chowdeck is building the future of logistics for African cities,' said partner Brian Waswani Odhiambo. 'With deep local insight, a sustainability-first approach, and impressive execution, it is redefining last-mile delivery on the continent.'
