Breadfast, Egypt’s top food delivery network, revealed on Wednesday that it had raised $US 26 million Series A round led by a major investor in SWVL, Vostok New Ventures, as well as Endure Capital. The round, which included JAM Fund, YC Continuity Fund, Shorooq Partners, 4FX Ventures, and Flexport, is one of the region’s largest in 2021, bringing Breadfast’s total investment to more than $US 33 million since its inception in 2017.
“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.”
Breadfast will also use the new capital to grow into eight new locations across Egypt and Sub-Saharan Africa, as well as scale the technology that powers its iOS and Android-based app.
Why The Investors Invested
Breadfast is poised to become a market leader, according to JAM Fund’s Justin Mateen, who is also the co-founder of Tinder.
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“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.”
A Look At What Breadfast Does
Breadfast, founded by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, provides scheduled and on-demand delivery of groceries and other household supplies, with a focus on baked products at first.
Deliveries are presently available in under 60 minutes across Cairo, Giza, and Mansoura, with the startup hoping to reduce this to 20 minutes by using a portion of the additional financing to expand its dark shop network.
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In early November 2021, Breadfast will begin delivering in Alexandria.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write