Egypt: Grocery delivery platform raises $26m
Breadfast, an Egypt based grocery delivery platform, has secured $26 million in a series A round, co-led by Vostok New Ventures and Endure Capital. The round included participation from JAM Fund, YC Continuity Fund, Shorooq Partners, 4DX Ventures and Flexport.
This investment round brings Breadfast’s total investment to date to more than $33 million since it launched in 2017 and one of the largest in the region so far in 2021. The new capital raised will fuel Breadfast’s rapid expansion into eight new cities across Egypt, scale the technology behind its ‘pocket supermarket’ app, and grow its team as it gears up to expand its extensive grocery delivery service across sub-Saharan Africa.
Through its iOS and Android-enabled app, Breadfast offers scheduled and on-demand delivery of groceries and other household essentials. Deliveries are currently offered in under 60 minutes, with the company planning on bringing that down to 20 minutes by utilising a portion of the new funding to grow its web of dark stores.
Breadfast’s journey began as a scheduled bakery service delivering freshly made bread and pastries to customers’ doorsteps every morning. Having experienced the pain of poor service themselves, the Breadfast founders set out to improve Egyptians’ access to key staples.
Today, Breadfast offers more than 2,500 supermarket items, comprising a range of breakfast products as well as other household items including coffee, dairy, meat, fruits, vegetables, personal hygiene products and a small selection of electronic items. The company oversees every part of the supply chain – from building the technology, to sourcing goods, distributing them across its web of grocery dark stores, to last-mile delivery. Breadfast prides itself in its ability to handle fresh products, with the majority of its revenues coming from fresh, perishable goods.
Commenting on Breadfast’s growth ambitions, Mostafa Amin, co-founder and CEO at Breadfast says, “We started out baking and delivering fresh bread, and today we are able to give Egyptians access to thousands of items of their basic supermarket supplies at the click of a button. Our mission is to change how people consume their daily essentials in Africa and the Middle East and, through our dynamic technology and deep understanding of the end-to-end supply chain process in the region, we are growing a simple idea into a product we believe can benefit millions of people across the MENA and sub-Saharan regions.”
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.