Breadfast Secures $26m Series A To Expand To 8 New Cities And Increase Its Web Of ‘Dark Stores’
Nov. 4, 2021, 10:25 a.m.
Breadfast, an Egyptian grocery delivery startup, has secured a $26 million Series A funding to expand to 8 new cities in Egypt and subsequently scale growth of the grocery delivery service across MENA and Sub-Saharan Africa.
The Series A round was co-led by Vostok New Ventures and Endure Capital. It included JAM Fund (led by Tinder co-founder Justin Mateen), YC Continuity Fund, Shorooq Partners, 4DX Ventures, and Flexport. It brings Breadfast’s total investment to date to more than US$33 million.
Launched in 2017 by Mostafa Amin, Muhammed Habib, and Abdallah Nofal, Breadfast delivers more than 2,500 supermarket items to customers’ doorsteps every morning, with orders made using a mobile app. The Breadfast app is on iOS and Android App where it offers scheduled and on-demand delivery of groceries and other household essentials, currently under 60 minutes.
The startup plans to reduce the delivery time from 60 minutes to 20 minutes by utilizing the fund to increase its web of ‘dark stores.’
“We started with baking and delivering fresh bread, and today we give Egyptians access to thousands of items of their basic supermarket supplies at the click of a button. Our mission is to change how people consume their daily essentials in Africa and the Middle East. 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,” said Mostafa Amin, co-founder and chief executive officer (CEO) at Breadfast.
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“We are delighted to be joined by several vastly-experienced and strategic investors, whose expertise will not only play a vital role ahead of our expansion across Africa but also in our future ambitions outside of the continent.”
Justin Mateen, head of JAM Fund, commented, “Breadfast is defining how consumers in emerging markets plan and carry out their grocery shopping. The team has managed to build a complex operation that offers a seamless experience for customers. 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.”
“Over the past few years, Breadfast fueled its growth by offering something that’s highly scarce in emerging markets; an excellent customer experience and solid operational excellence. We see Breadfast becoming one of the most successful companies to come out of Africa and the Middle East. We at VNV Global are excited to embark on changing the customers’ experience and making them happy. We look forward to taking over the Q-commerce space with the Breadfast team, Björn von Sivers, Investment Manager at VNV Global, added. ”
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Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.