Egyptian grocery delivery giant Breadfast has raised USD 10 million from the European Bank for Reconstruction and Development (EBRD) in a Series B2 round led by Novastar Ventures.
The fresh capital pushes the company’s valuation close to USD 400 million, with VNV Global’s recent report pegging it at USD 382 million based on its latest transaction.
Founded in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast has grown into one of Egypt’s most recognisable online grocery brands.
Unlike traditional delivery services, it operates a vertically integrated model, running its own bakeries, fulfillment centers, and last-mile logistics to control the supply chain from sourcing to doorstep.
How Breadfast is Scaling Across Egypt
With the new funding, the firm plans to expand fulfillment centers in Cairo, Giza, Alexandria, and Mansoura, while also entering new cities. The investment will also support the growth of its vertically integrated operations, ensuring faster deliveries and fresher products.
The company is also branching into financial technology with Breadfast Pay, a fintech solution offering savings tools, deposits, withdrawals, and a branded payment card.
This multi-service strategy reflects Breadfast’s ambition to evolve into a super-app, deepening customer engagement while diversifying revenue streams.
Also, this latest raise underscores investor confidence in Egypt’s fast-growing e-commerce and digital services market, positioning the company to dominate both grocery delivery and fintech.
