Breadfast, the leading grocery delivery platform in Egypt, doubled its revenue in USD terms in 2023, the recently announced financials of one of its investors, Vostok New Ventures, revealed. The Egyptian pound experienced a significant decline in its value in 2023, which suggests that the actual growth of Breadfast’s revenue would be considerably higher.
The report by its investor does not share any specific details about the revenue but notes that the Egyptian startup now delivers half a million monthly orders to about 150,000 customers across four cities in Egypt.
The firm secured an extension of a Series B round in 2023, which increased its valuation to $257 million, according to the financials shared by the investor.
Founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal, Breadfast started as a fresh bread and bakery delivery app but has now evolved into a grocery delivery platform delivering more than 5,000 SKUs in an hour or less across Egypt.
According to the details disclosed by the investor, the Egyptian startup operates 28 fulfilment centers to deliver groceries, of which 27 were profitable, as of December 2023.
In addition to its core business, Breadfast also operates a chain of coffee outlets, running over ten stores across Cairo. The startup has recently also kicked off its international expansion with the quiet launch of Breadfast Tomorrow, a bread and bakery delivery service, in the Kingdom.
Breadfast has raised over $30 million in total capital to date. Its last announced round was a $26 million Series A but it has raised a Series B and an extension of it, which according to the report by Vostok, came in 2023.
Its investors include Vostok New Ventures, Endure Capital, Shorooq Partners, Y Combinator, and Y Combinator’s Continuity Fund. Paul Graham, the founder of Y Combinator is also an investor in the firm.
He recently shared a graph on Twitter showcasing the company’s growth, but without offering any specific context or explanation regarding its content.
Here's what Breadfast's graph looks like now. Notice how the previous graph, up to the end of 2021, now looks almost flat. That's how exponential curves work. And ultimately why startup founders and investors get so rich. https://t.co/Z78pbvSkn2 pic.twitter.com/5ufZoKQ13r
— Paul Graham (@paulg) March 14, 2024
Breadfast remains one of Paul Graham’s rare investments in the Middle East & North Africa.
