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Cairo-based tech startup, Breadfast, a grocery delivery platform, has secured $26-million in a Series A round of funding co-led by Vostok New Ventures and Endure Capital. The round included participation from JAM Fund, led by Justin Mateen, Co-Founder of Tinder, YC Continuity Fund, a large Saudi-based group, Abu Dhabi based Shorooq Partners, 4DX Ventures and Flexport.
Breadfast secures $26-million funding
According to reports, the newly secured funding will be used to scale up the tech startup and expand its offering into 8 new cities across Egypt. In addition, the funding will be used to enhance the technology behind the startups ‘pocket supermarket app’ and grow its team.
Justin Mateen, head of JAM Fund comments on their investment into the tech startup. “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, that offers a seamless experience for customers. Supported by a massive demographic and favorable operating expenses in emerging markets, Breadfast is poised to become a leader in the grocery q-commerce market. I am excited about supporting this team in their future plans”
Founded in 2017, Breadfast is a tech startup that operates an online grocery delivery service through its easy-to-use app. The app is available on both iOs and Andorid devices. Deliveries are currently offered in under 60 minutes and include the purchasing of groceries and other household-related items.
With humble beginnings to now being one of the most prominent delivery services in the region, Breadfast began as a scheduled bakery service delivering freshly made bread and pastries to customer’s doorsteps. According to reports since its implementation, the tech startup’s revenue has grown over four times from 2019 to 2020 with the pandemic highlighting the need for contactless delivery and online eCommerce alternatives.
Mostafa Amin, Co-Founder and CEO at Breadfast comments on the growth of the startup.
“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.”
Featured image: Breadfast (Supplied)