Breadfast Bolsters War Chest with $10M from EBRD in Unannounced Series B2 Led by Novastar Ventures
Egypt’s prominent online grocery platform, Breadfast, has reportedly secured $10 million in capital from the European Bank for Reconstruction and Development (EBRD). This significant investment is part of an ongoing, yet-to-be-announced Series B2 funding round, with the Africa-focused venture capital firm Novastar Ventures taking the lead. This development, confirmed through EBRD’s official filings, signals continued investor confidence in the rapidly expanding Egyptian tech and e-commerce sector, further solidifying Breadfast’s position as a regional leader in grocery delivery.
Scaling Operations and Market Valuation in Egypt’s Burgeoning E-commerce Scene
Founded in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast has rapidly ascended to become Egypt’s premier online grocery service. The company boasts an extensive catalog of over 6,000 product categories, promising swift 60-minute deliveries to its customers. A key differentiator for Breadfast is its comprehensive operational model, which spans the entire value chain from product sourcing and production to last-mile delivery directly to consumers’ doorsteps. This is underpinned by a robust logistics network comprising 39 fulfillment centers strategically located across four major Egyptian cities. This latest $10 million injection follows Breadfast’s successful $26 million Series A round in late 2021, which was spearheaded by Sweden’s VNV Global. Subsequent disclosures from VNV indicate that Breadfast’s valuation has surged to an impressive $382 million, firmly establishing it as one of Egypt’s most valuable startup entities. While the direct link between this valuation and the new Series B2 raise remains to be fully clarified, the investment from institutions like EBRD and leading VC firms such as Novastar Ventures underscores a strong belief in Breadfast’s growth trajectory and its potential to dominate the evolving African e-commerce landscape.
This fresh capital injection is poised to accelerate Breadfast’s strategic expansion plans, enhance its operational efficiencies, and broaden its market reach within Egypt’s competitive online grocery segment. The continued backing from major international and regional investors like EBRD and Novastar Ventures not only validates Breadfast’s business model but also highlights the increasing appeal of the Egyptian and broader African tech ecosystems on the global investment stage.
Keywords
Related Keywords: Breadfast funding, Breadfast Series B2, Breadfast 10M, EBRD investment Breadfast, Novastar Ventures Breadfast, Breadfast fundraising, Series B2 funding round, startup investment 10M
