Egypt’s homegrown grocery delivery startup, Breadfast, is making waves on the global stage. The company has reached a valuation of $382.3 million, as disclosed by VNV Global, the Swedish investment firm that first backed Breadfast in 2021. The update reveals a major win for both Breadfast and its investors, VNV’s 7.9% stake has almost doubled in value, rising from $16.9 million to $30.2 million in just a few years.
At a time when many African startups are facing slowdowns and shrinking valuations, Breadfast is moving in the opposite direction, and fast.
Scaling Sustainably Through Full Supply Chain Control
Breadfast’s success lies in its vertical integration strategy. Instead of relying on third parties, the company manages its entire supply chain, from sourcing to final-mile delivery. This gives them greater control over quality, timing, and customer satisfaction.
With over 30 fulfillment centers spread across Cairo and Alexandria, Breadfast guarantees 60-minute delivery, setting a high bar for logistics and efficiency in the region.
- ✅ Full control over supply chain
- ✅ 30+ localized fulfillment hubs
- ✅ Rapid 60-minute delivery model
This operational excellence has positioned Breadfast as a standout performer, even amid Egypt’s ongoing economic challenges.
Strong Customer Demand and Revenue Growth
Breadfast isn’t just growing in valuation, it’s showing impressive traction on the ground.
- ✅ 300,000+ monthly active users
- ✅ Nearly 1 million orders fulfilled per month
- ✅ Projected $150 million in annual recurring revenue (ARR) for 2024
These numbers underline strong user engagement and a solid business foundation. The company has proven its ability to scale without losing focus on customer experience, a critical factor in the competitive grocery delivery space.
Mostafa Amin’s Vision at the Helm
Breadfast was co-founded by Mostafa Amin, along with Abdullah Nofal and Muhammad Habib. Under Amin’s leadership, the company has navigated economic turbulence, expanded infrastructure, and stayed laser-focused on creating long-term value.
His leadership has not only earned the trust of global investors like VNV but also established Breadfast as a leading tech company in Africa.
A Standout Investment in Africa
For VNV Global, Breadfast is now the highest-valued African asset in its portfolio. It has outperformed notable peers such as:
- ✅ Wasoko
- ✅ SWVL
- ✅ Vezeeta
This milestone highlights Breadfast’s resilience and signals investor confidence in Egypt’s startup ecosystem, particularly when supported by strong execution and innovative business models.
Final Thoughts
Breadfast’s story is a reminder that even in volatile markets, startups that combine smart strategy, operational control, and customer obsession can thrive. As the company eyes further expansion, its journey offers valuable insights into how localized innovation and bold leadership can unlock global success.