Sweden-based VNV Global has revealed that Egyptian grocery delivery startup Breadfast is now valued at $382.3 million, nearly doubling the value of its 7.9% stake—from $16.9 million in 2021 to $30.2 million today.
Founded by Mostafa Amin, Abdullah Nofal, and Muhammad Habib, Breadfast is defying the slowdown trend affecting many African startups by maintaining full control of its supply chain and offering 60-minute delivery through 30+ fulfillment centers across Cairo and Alexandria.
The company now serves over 300,000 monthly active users and fulfills nearly a million orders per month, generating an annual recurring revenue of $150 million in 2024. Despite Egypt’s macroeconomic headwinds, Breadfast has emerged as VNV Global’s most valuable African investment—outperforming peers like Wasoko, SWVL, and Vezeeta.
