Breadfast Raises $10M from EBRD, Valuation Nears $400M as It Expands Across Egypt
by Cairo-based grocery delivery startup Breadfast has secured $10 million from the European Bank for Reconstruction and Development (EBRD) in its Series B2 round, pushing its valuation close to $400 million. The round, led by Novastar Ventures, will fuel the company’s expansion across Egypt — from new fulfillment centers in Cairo, Giza, Alexandria, and Mansoura to entry into fresh markets nationwide.
The EBRD’s investment follows strong performance signals from existing backer VNV Global, which recently valued its 7.9% stake at $30.2 million, nearly double its 2021 investment. This growth stands in sharp contrast to some of VNV’s other African bets like Wasoko and SWVL, which have faced market headwinds.
Founded in 2017 by Mostafa Amin, Abdullah Nofal, and Muhammad Habib, Breadfast began as a bakery delivery service before evolving into a quick-commerce platform offering over 6,000 products with delivery times under an hour. Its vertically integrated model — from sourcing and baking to fulfillment and last-mile logistics — has been key to maintaining high service standards in Egypt’s often volatile market.
Today, Breadfast handles nearly a million orders a month, operates 30+ fulfillment centers, and serves over 300,000 active users. In 2024, it crossed $150 million in annual recurring revenue, boasting an 80%+ customer retention rate and dollar-based GMV retention above 100% after 20 months — impressive numbers given Egypt’s inflation and currency challenges.
The startup is also branching into fintech with Breadfast Pay, a service offering savings tools, deposits, withdrawals, and its own payment card — a move inspired by Asia’s super-app ecosystem to boost customer engagement and diversify revenue.
While its valuation is based on private transactions and classified as Level 3 assets under IFRS, the EBRD’s endorsement signals strong investor confidence. The next challenge for Breadfast will be scaling its operational efficiency while entering new verticals and geographies.
