Breadfast secures $10 million from EBRD in Series B2 funding round, bringing their estimated valuation to nearly $400 million.
In an exciting development for the Egyptian market, online quick-commerce grocery platform Breadfast has secured a $10 million investment in a Series B2 funding round. The round was led by Africa-focused venture capital firm Novastar Ventures, alongside the European Bank for Reconstruction and Development (EBRD). This investment values the company at approximately $382–400 million.
Founded in 2017 as a baked goods delivery service, Breadfast has grown exponentially and is now Egypt's leading online grocery platform. The company delivered over 6,000 SKUs on-demand in under 60 minutes across Egypt, serving nearly 1 million orders monthly to more than 300,000 active users.
With this fresh capital, Breadfast plans to expand its fulfillment centers across Cairo, Giza, Alexandria, Mansoura, and enter new Egyptian cities. The company aims to control multiple parts of the supply chain, from production to doorstep delivery, further strengthening its vertical integration.
In addition to physical expansion, Breadfast also intends to scale its fintech arm, Breadfast Pay. This service offers financial services like savings, withdrawals, and branded payment cards, aiming to build a broader super-app experience.
The funding round underscores Breadfast's strong market position and ambitions for nationwide expansion and fintech growth in Egypt. The company's valuation has increased to $382 million based on its latest transaction method, a testament to its success and potential for further growth.
Breadfast previously raised $26 million in a Series A round led by VNV Global in November 2021. This latest funding round further solidifies the company's position as a key player in Egypt's rapidly evolving digital economy.
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