Breadfast, Egypt’s leading grocery delivery platform, announced on Wednesday that it had secured $US 26 million in a Series A round co-led by Vostok New Ventures and Endure Capital.
The round, which also saw participation from JAM Fund, YC Continuity Fund, Shorooq Partners, 4FX Ventures and Flexport, is one of the largest of its kind in the region in 2021 and brings Breadfast’s total investment to date to more than $US 33 million since its launch in 2017.
Founded by Mostafa Amin, Muhammad Habib and Abdallah Nofal, Breadfast offers scheduled and on-demand delivery of groceries and other household essentials, having initially started its business with a focus on baked goods.
Deliveries are currently offered in under 60 minutes across Cairo, Giza and Mansoura with the start-up planning on bringing that down to 20 minutes by utilizing a portion of the new funding to grow its web of dark stores. Breadfast will be launching deliveries in Alexandria in early November 2021.
“We started out baking and delivering fresh bread, and today we are able to give Egyptians access to thousands of items of their basic supermarket supplies at the click of a button,” said Amin, co-founder and CEO of Breadfast, in a statement following the announcement of the Series A round.
“Our mission is to change how people consume their daily essentials in Africa and the Middle East and, through our dynamic technology and deep understanding of the end-to-end supply chain process in the region, we are growing a simple idea into a product we believe can benefit millions of people across the MENA and Sub-Saharan regions.”
JAM Fund’s Justin Mateen, who is also the co-founder of Tinder, noted in a statement that Breadfast is set to become a leader in the market.
“Breadfast is defining how consumers in emerging markets plan and carry out their grocery shopping. The Breadfast team has managed to build a complex operation, that offers a seamless experience for customers,” said Mateen in a press release.
“Supported by a massive demographic and favorable operating expenses in emerging markets, Breadfast is poised to become a leader in the grocery q-commerce market. I am excited about supporting this team in their future plans.”
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