Sweden‑listed VNV Global has marked up the fair value of its 7.9% stake in Egypt’s quick‑commerce leader Breadfast to $30.2M at 30 June 2025, up from $23.1M in December, a 31% gain that implies a post‑money valuation of about $382M.
The re‑rating bucks the broader downtrend in African tech and reflects strong operating data: 39 fulfilment centres now handle close to 1M orders a month from 300K+ active users across four Egyptian cities.
In a further vote of confidence, the EBRD this week disclosed a $10M investment (part of a Novastar‑led Series B2 extension) to fund new hubs, expand own‑brand lines, and scale fintech arm Breadfast Pay. VNV cites the company’s “dollar‑based GMV retention above 100% after twenty months” as evidence of sticky customers and a credible path to profitability.
Breadfast’s vertically integrated supply chain delivers 6,000+ SKUs, from fresh bread and dairy to packaged goods, in under an hour, with most hubs already profitable despite Egypt’s economic headwinds.
*The implied valuation is derived from VNV Global’s Q2-25 carrying value (USD 30.2 m) and its reported 7.9 % ownership.”
