Cairo - Mubasher: The International Finance Corporation (IFC) plans up to $13 million worth of equity investment in Egyptian online grocery platform Breadfast to accelerate its domestic expansion and to enhance tech-driven operations within the country.
The proposed funding would support Breadfast’s growth into secondary cities and further development of its proprietary technology stack, according to a press release.
It is worth noting that the potential IFC investment comes after a $10 million funding round from the European Bank for Reconstruction and Development (EBRD), which supported the scaling of Breadfast’s fulfillment and operational infrastructure in Egypt.
Breadfast was founded in 2017 by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, offering 60-minute delivery of fresh produce, baked goods, groceries, ready-to-eat meals, and private-label products.
Meanwhile, the company operates a vertically integrated model, controlling much of its supply chain through in-house bakeries, production facilities, and owned brands.
