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Egyptian grocery delivery platform Breadfast has raised $10 million from the European Bank for Reconstruction and Development (EBRD) as part of an ongoing Series B2 funding round, according to EBRD’s official filings.
The round is being led by Africa-focused venture capital firm Novastar Ventures and has yet to be formally announced by the company.
The deal follows Breadfast’s $26 million Series A in late 2021, led by Sweden’s VNV Global. Based on VNV’s recent disclosures, Breadfast’s valuation has climbed to $382 million, making it one of the most valuable startups in Egypt. It remains unclear whether that valuation is tied to the B2 raise or a separate transaction.
Founded in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast has grown into Egypt’s leading online grocery platform, offering 6,000+ SKUs with 60-minute delivery. The company operates across the value chain—from production to doorstep—backed by a network of 39 fulfillment points in four cities, most of which are already profitable.
Breadfast now delivers close to 1 million orders monthly to over 300,000 active users, with revenues continuing to climb in 2024 alongside improved profitability.
The new funding will fuel Breadfast’s push to scale its vertically integrated grocery model, including investments in bakeries, dark stores, and last-mile logistics infrastructure across Egypt.
In 2021, Breadfast raised $26 million in a Series A round led by Vostok New Ventures and Endure Capital, with participation from JAM Fund, led by Tinder’s co-founder, YC continuity fund, Shorooq Partners, 4DX Ventures, and Flexport.