Breadfast Bags $10 Million from EBRD, Nears $400 Million Valuation in Egyptian Quick-Commerce Expansion
Breadfast, Egypt’s prominent quick-commerce grocery application, has successfully secured $10 million in financing from the European Bank for Reconstruction and Development (EBRD). This significant investment forms part of its Series B2 funding round, which was notably led by Novastar Ventures. The fresh capital injection propels Breadfast’s valuation to an impressive range of approximately $382 million to $400 million, signaling robust investor confidence in its accelerated growth and market position within the dynamic quick-commerce landscape.
Fueling Growth and Fintech Ambitions
The substantial valuation uplift reflects strong investor belief in Breadfast’s trajectory as a key player in the Egyptian digital economy. Established in 2017 by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, Breadfast initially focused on delivering baked goods before rapidly expanding its offerings to include on-demand delivery of a wide array of groceries and other essential household items. This new infusion of capital is earmarked for strategic expansion, particularly to bolster its fulfillment center network across major Egyptian cities like Cairo, Giza, Alexandria, and Mansoura, and to unlock access to new urban centers throughout the country. Beyond logistics, Breadfast is also aggressively scaling its fintech division, Breadfast Pay. This innovative arm aims to enrich customer services by providing features such as savings accounts, withdrawal options, and branded payment cards, all integral steps toward cultivating a comprehensive super-app experience for its growing user base.
This latest funding round not only validates Breadfast’s business model but also underscores the burgeoning potential of Egypt’s quick-commerce and fintech sectors. As Breadfast continues its ambitious expansion and deepens its foray into financial services, it is well-positioned to redefine convenience and digital living for millions across Egypt, solidifying its leadership in the competitive African tech ecosystem.
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