Tech in Africa
Egypt grocery delivery startup Breadfast has completed a successful $26 million Serie A round led co-led by Vostok New Ventures and Endure Capital. The company has thus far received over $33 million. Other investors who took part in the latest fundraising are the JAM Fund, Shorooq Partners, YC Continuity Fund, Flexport, and 4DX Ventures.
Founded in 2017 by Muhammad Habib, Mostafa Amin, and Abdallah Nofal, the on-demand grocery delivery platform operates as a bakery service delivering fresh bread and pastries at the customer’s doorstep. Breadfast offers over 2,500 supermarket items among them breakfast products and other household items such as meat, coffee, dairy, vegetables, personal hygiene products, and other limited electronic items.
Operating in Egypt, Breadfast will expand its footprint across the country and beyond. Thus far over 250,000 registered customers have received over 65% month-on-month retention, resulting in a four-fold revenue surge between 2019 and 2020. In the last two years, the company has multiplied its portfolio ten times. This new funding will fuel expansion across eight new cities across Egypt. The idea is to grow its team and as it looks to expand across the Middle East and North Africa (MENA) region and sub-Saharan Africa.
There has been a surge in funding directed at grocery delivery apps in Africa. Delivery Hero, a takeaway delivery app acquired leading online grocery marketplace InstaShop in 2020. In July 2021, GoodsMart has secured $3.6 million in an investment led by Sawazari Ventures.
Source: ForbesMiddleEast
