What VNV’s portfolio marks imply for Breadfast, Baly, Vezeeta and Wasoko

VNV Global’s latest accounts provide a rare indication of how several privately held technology companies in the Middle East and Africa are being valued, including Breadfast, Baly, Wasoko-MaxAB and Vezeeta.

The Stockholm-listed investor values its 6.8% stake in Egyptian grocery platform Breadfast at $30.2 million, which would imply a company valuation of about $444 million if applied across the business. Its 3.4% holding in Iraqi super app Baly is carried at $6.5 million, equivalent on the same basis to about $190 million.

These are FWDstart calculations rather than valuations disclosed by the companies. They simply apply VNV’s stated ownership percentages to the value at which it carries each investment.

Using the same calculation, VNV’s accounts suggest values of about $241 million for the merged Wasoko-MaxAB business, $26 million for Vezeeta, $11 million for El Basharsoft, which owns Wuzzuf and Forasna, and $4 million for Naseeb Networks.

Breadfast offers the cleanest comparison because VNV’s valuation is based on a recent financing rather than an internal model.

The investor kept the value of its stake unchanged at $30.2 million during the first half. Breadfast completed the final close of a $50 million pre-Series C round in February 2026, and VNV continues to value its holding at the level set by that transaction.

Breadfast now operates 58 fulfilment points across four cities, up 41% from a year earlier, with VNV saying most are profitable. The company processes more than 1.5 million orders a month from about 500,000 active users, while annualised gross transaction value is approaching $300 million.

Baly’s valuation is less straightforward because VNV uses an internal model rather than a recent funding round.

VNV increased the value of its 3.4% stake from $5.3 million to $6.5 million during the first half, despite making no additional investment. The group’s invested only $1 million in Baly to date.

The holding is valued at 2x revenue, with September 2021 listed as the last transaction completed on market terms. The implied $190 million figure therefore shouldn’t be read as a new funding-round valuation. It’s the company value suggested by applying VNV’s carrying value across its disclosed ownership stake.

Even so, the increase is notable because most of VNV’s comparable emerging-market investments were marked down during the period.

Founded in 2021, Baly began as a ride-hailing company in Baghdad before expanding into a broader consumer platform. It raised a $10.5 million seed round in 2022 from investors including VNV, Kingsway Capital, MSA Capital, Global Founders Capital, Majid Al Futtaim and March Holding.

The increase in VNV’s mark suggests that Baly’s underlying financial performance has improved, although the accounts don’t provide enough information to derive its revenue accurately. VNV’s methodology can include adjustments for company-specific factors, debt and the terms of the securities it owns.

Elsewhere, valuations moved lower.

VNV cut the value of its 3.4% holding in Wasoko by about 15% to $8.2 million, equivalent to roughly $241 million across the company on a simple pro-rata basis. Wasoko, which merged with Egyptian B2B commerce company MaxAB in 2024, is valued by VNV at 0.8x revenue.

Vezeeta was marked down 13% to $2.3 million. VNV owns 9% of the healthcare company, suggesting a value of about $26 million on the same basis, against the $9.4 million VNV’s invested.

The holding is valued at 3.7x revenue, with September 2022 recorded as the most recent market transaction. Vezeeta had raised more than $60 million by 2020, including a $40 million Series D led by Gulf Capital with participation from STV.

VNV also cut the value of its 20.5% stake in El Basharsoft by 29% to $2.3 million, implying a value of roughly $11 million.

The disclosures come as emerging markets have become a much smaller part of VNV’s portfolio. Such holdings accounted for 13% of its investments at the end of June, compared with 87% in developed markets.

VNV made no new investments during the first half and its portfolio fell 16% in dollar terms, driven largely by lower valuations for its bigger holdings, including BlaBlaCar and Voi.