The Egyptian online grocery delivery platform, Breadfast, has secured a USD 10 million (EGP 483.4 million) investment from the European Bank for Reconstruction and Development (EBRD), as part of its ongoing Series B2 funding round, bringing the company’s valuation to nearly USD 400 million (EGP 19.3 billion).
The capital, led by Novastar Ventures, a Kenyan venture capital company focused on early and growth-stage businesses in East and West Africa, will support the company’s domestic expansion, with plans to add fulfillment centers in major cities such as Cairo, Giza, Alexandria, and Mansoura, while laying the groundwork for operations in new markets across Egypt. With this latest capital injection, the company’s estimated valuation has climbed from USD 268 million (EGP 12.9 billion) in 2024 to approximately USD 382.3 million (EGP 18.5 billion) in 2025.
In addition to geographic growth, the EBRD’s funds will help Breadfast improve its in-house technology and expand private-label products to boost margins and stay price-competitive. The expansion is expected to create many jobs across fulfillment and operations, supported by training in digital skills, logistics, and management.
Founded in 2017 by entrepreneurs Mostafa Amin, Abdullah Nofal, and Muhammad Habib, Breadfast has transitioned from a small-scale bakery delivery service to a fully integrated quick-commerce platform. Today, the company delivers over 6,000 products, including perishables, packaged goods, and household essentials, in under 60 minutes.
Swedish investment firm Vostok New Ventures (VNV), an early backer of Breadfast, exemplifies investor confidence in Breadfast’s trajectory. In its second-quarter 2025 earnings report, VNV reported that the value of its 7.9 percent stake has nearly doubled to USD 30.2 million (EGP 1.5 billion) since its initial 2021 investment of USD 16.9 million (EGP 817 million).
Central to Breadfast’s strategy is its end-to-end control of the supply chain, encompassing everything from in-house bakeries and sourcing to dark stores and a dedicated delivery fleet, which is an approach that has enabled it to handle the complex logistics of emerging markets.
As of mid-2025, Breadfast manages more than 30 fulfillment centers, fulfills nearly one million orders monthly, and boasts a customer base exceeding 300,000 active users. In 2024, the company recorded over USD 150 million (EGP 7.25 billion) in annual recurring revenue and maintained a customer retention rate above 80 percent.
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