Egypt-based Breadfast raises Seven Figures in Pre-Series B Round
Breadfast, an Egyptian delivery platform for bread and grocery which is backed by Y-Combinator, has raised a bridge round (pre-Series B). The exact size of the deal remains undisclosed but the value of the investment is estimated to be around seven figures (USD).
Additional information obtained on the funding round suggests that Breadfast raised its pre-series B round from Y-Combinator’s founder Paul Graham and Gmail’s founder Paul Buchheit, Endure Capital. Other participants in the bridge round are Abu Dhabi-based Shorooq Partners, San Francisco-based Pioneer Fund, NHN Ventures, and ‘very strategic players’ from Saudi, UAE, United States, United Kingdom, and Tanzania.
This latest investment round follows a seven-figure Series-A round led by 500 Start-ups and Egyptian business man Mohamed El Sewed, which the start-up announced in June last year. This pre-series B funding round is expected to facilitate, in part, Breadfast’s expansion plans into other parts of North Africa and the Middle East.
Breadfast was founded in 2017 by Mostafa Amin, kicking off with next-day delivery of its own fresh bread and bakery products to customers in Cairo, before extending its offerings to include the delivery of groceries.
Breadfast claims to be delivering tens of thousands of orders every month. After making a splash in Egypt, Breadfast is now gunning for aggressive expansion within the next three years across the Middle East, Africa, and Turkey, starting with Dubai, Riyadh, and Jeddah. Amin said Breadfast will likely launch in Dubai by the end of this year.
“Breadfast is on a mission to drive the emerging markets to a world-class shopping experience. Our customers have been and will always be our top priority…We think that customer experience is underestimated in emerging markets, and our goal is to build the right infrastructure using technology to reach the experience the customer deserves.” said the Breadfast co-founder and CEO.
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The funding announcement coincided with the quiet launch of Breadfast Now; a native cloud supermarket which the start-up claims is the first of its kind in the Middle East and Africa. As the founder claims, Breadfast Now will deliver freshly-baked goods produced daily in Breadfast’s production facilities in addition to breakfast delights and general groceries (including fruits) across Cairo in no more than 1 hour.Shane Shin – Founding Partner, Shorooq Partners
In a statement, Shane Shin, Founding Partner at Shorooq Partners, said, “We are excited and humbled to join Breadfast’s journey as we firmly believe in the Founders and their unparalleled focus on execution, user experience, and scale. We have been working closely with Breadfast to build their operations in UAE, KSA and so forth and cannot wait to dominate the region.”
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