Breadfast raises $10 million from EBRD as a part of Sequence B2, valuation nears $400 million 

Egyptian grocery supply platform Breadfast has raised $10 million from the European Financial institution for Reconstruction and Growth (EBRD) as a part of its Sequence B2 funding spherical, in response to EBRD’s official mission itemizing.

The spherical is led by Africa-focused VC agency Novastar Ventures and has not been introduced by the corporate but. Breadfast beforehand raised $26 million in a Sequence A spherical led by VNV International in November 2021.

The corporate’s valuation, in response to VNV’s latest disclosures, has elevated to $382 million based mostly on its newest transaction technique, making it one of many highest-valued Egyptian startups. It’s unclear whether or not this transaction refers back to the Sequence B2 funding spherical during which EBRD invested or a distinct deal.

Based in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast is Egypt’s main on-line grocery platform, delivering greater than 6,000 SKUs on-demand in underneath 60 minutes throughout Egypt. It controls a number of elements of the provision chain from manufacturing to doorstep supply.

VNV’s disclosures word that in 2024, the corporate continued to considerably develop revenues with an improved backside line. The corporate has 39 achievement factors throughout 4 Egyptian cities, with the overwhelming majority being worthwhile. It delivers near 1 million orders month-to-month to greater than 300,000 energetic customers.

The contemporary capital might be used to broaden Breadfast’s vertically built-in grocery operations throughout Egypt, together with its community of bakeries, darkish shops, and last-mile logistics infrastructure.

Put up Views: 43