Egyptian platform "Breadfast" raises $26M in an initial funding round

CAIRO - 4 November 2021: Grocery delivery startup Breadfast has raised about $26 million in an initial funding round led by Vostok New Ventures and Endure Capital.

Breadfast clarified in a statement that participatants in the funding round were Tinder co-founder Justin Mattin's Jam Fund, US accelerator YC Continuity, US logistics platform Flexport, UAE's Shurooq Partners, Africa-focused 4DX Ventures, and Flexport Shipping.

According to the statement, the total investment of Breadfast so far amounts to about $33 million.

The statement indicated that Breadfast will use the new funds to expand in eight cities in Egypt, and the financing will also help the company to expand in sub-Saharan markets.

Breadfast plans to support its network of distribution stores with the new funding; To reduce product delivery time to 20 minutes, from about an hour at present, Breadfast is also seeking to develop its technical capabilities beyond its current application, and hire more employees.

Breadfast was established in 2017, the company started its bakery delivery business and currently offers more than 2,500 grocery products, with fresh produce representing the largest portion of the company's revenue today.

This is one of the largest rounds of funding for Egyptian companies this year: the round is the fourth largest seed funding round in 2021, after the MaxAB round, in which it raised $40 million in July, and the start-up Capiter round, in which it raised LE 33 million in September.

The Egyptian company, MNT-Halan for electronic payments, remains the holder of the largest financing round in the Middle East and North Africa region, after it also announced in September that it had raised about $120 million in a financing round.