Breadfast, the Cairo-based quick-commerce and e-grocery platform, has closed a $50 million pre-Series C round with backing from Abu Dhabi's Mubadala Investment Company, Olayan Financing Company (the investment vehicle of Saudi Arabia's Olayan family), Y Combinator, the World Bank's IFC, Japan's SBI Investment, Novastar Ventures, 4DX Ventures, and the European Bank for Reconstruction and Development.
Speaking to Bloomberg, co-founder and CEO Mostafa Amin said the company plans to follow the round with a larger Series C during the first half of 2026, with early conversations with growth investors already underway.
Amin declined to disclose the company's current valuation. Swedish-listed VNV Global, which holds a 7.9% stake, marked up its position to $30.2 million at 30 June 2025, implying a post-money valuation of approximately $382 million at that time.
Breadfast started nine years ago delivering fresh bread to customers in Cairo and has since expanded into groceries, meals, pharmaceuticals, a prepaid card via its fintech arm Breadfast Pay, and its own coffee shops.
The company operates 39 fulfilment centres handling close to one million orders a month from over 300,000 active users across four Egyptian cities, delivering 6,000+ SKUs in under an hour. It owns most of its supply chain, including production of private-label products, which account for about 40% of grocery sales.
The proceeds will be used to expand infrastructure, grow existing business units, and fund potential expansion into other north and west African countries. Amin said the company aims to capture up to 3% of Egypt's $100 billion grocery market within three years.
"The end goal for us is to go for a global IPO in coming years," said Amin. "We want to be a multibillion dollar asset coming out of the continent."
The round also follows a as part of a Novastar-led Series B2 extension. VNV Global has cited the company's dollar-based GMV retention above 100% after twenty months as evidence of customer stickiness and a credible path to profitability.
