Egyptian grocery delivery platform Breadfast has raised $10 million from the European Bank for Reconstruction and Development (EBRD) as part of its Series B2 funding round, according to EBRD’s official project listing.
The round is led by Africa-focused VC firm Novastar Ventures and has not been announced by the company yet. Breadfast previously raised $26 million in a Series A round led by VNV Global in November 2021.
The company’s valuation, according to VNV’s recent disclosures, has increased to $382 million based on its latest transaction method, making it one of the highest-valued Egyptian startups. It is unclear whether this transaction refers to the Series B2 funding round in which EBRD invested or a different deal.
Founded in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast is Egypt’s leading online grocery platform, delivering more than 6,000 SKUs on-demand in under 60 minutes across Egypt. It controls multiple parts of the supply chain from production to doorstep delivery.
VNV’s disclosures note that during 2024, the company continued to significantly grow revenues with an improved bottom line. The company has 39 fulfillment points across four Egyptian cities, with the vast majority being profitable. It delivers close to 1 million orders monthly to more than 300,000 active users.
The fresh capital will be used to expand Breadfast’s vertically integrated grocery operations across Egypt, including its network of bakeries, dark stores, and last-mile logistics infrastructure.
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