Breadfast, an Egyptian-based startup in logistics and supply chain for markets, has secured $26 million in a Series A financing round, led by Vostok New Ventures (VNV Global) and Endure Capital. Other investors in this round were JAM Fund (led by Tinder co-founder Justin Mateen), YC Continuity Fund, a large unnamed Saudi-based fund, Shorooq Partners, 4DX Ventures and logistics giant Flexport.
This round makes it a total of more than $33m Breadfast has raised since its inception in 2017; also known as the largest funded startup in this sector.
The new funding target is towards expanding operations into eight new cities across Egypt. Scaling the technology behind its pocket supermarket app and growing its team as it looks towards expansion across Sub-Saharan Africa. It also plans to reduce the current delivery time from 60 minutes to 20 minutes; this can be done through the growth of its web of dark stores by a portion of the funding.
Objective of Breadfast
Mostafa Amin, CEO at Breadfast, said that they are delighted to be with a number of 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 is the head of the JAM Fund. He said that Breadfast is defining how consumers in emerging markets plan and carry out their grocery shopping. The Breadfast team has managed to build a complex operation. It offers a seamless experience for customers.
He further said that massive demographic and favourable operating expenses in emerging markets support Breadfast. Breadfast aims at becoming a leader in the grocery q-commerce market. I am excited about supporting this team in their future plans”.
Breadfast was founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal as an on-demand bread and bakery delivery platform. Currently, the startup offers more than 2,500 supermarket items. They range from groceries, bakeries, cleaning supplies to baby products as well as household items. Breadfast owns some of the products it distributes and sources other goods from FMCGs such as Unilever, Pepsi and Coca-Cola.
