Mubadala and Olayan back Egyptian startup Breadfast

Abu Dhabi wealth fund Mubadala Investment Company and Saudi Arabia’s Olayan Financing Company are reportedly among the investors backing Egyptian delivery startup Breadfast in its latest funding round.

Breadfast secured $50 million in a pre-series C round and plans to pursue a larger funding round in the first half of 2026, co-founder and CEO Mostafa Amin told Bloomberg.

Olayan Financing Company is the investment arm of the Olayan family.

Other investors included Japan’s SBI Investment Co., US-based venture capitalist Y Combinator, World Bank’s IFC and European Bank for Reconstruction and Development, among others.

No details were given on the size of investments.

Breadfast was valued at almost $400 million during its August fundraising round, the report said, citing the Saudi-based tech publication Menabytes.

“We’ve closed this round and are starting early conversations with growth investors for a series C,” Amin said. 

The proceeds will support infrastructure expansion and the growth of business verticals, Amin said. The startup is looking to expand operations to other north and west African countries.

Launched in 2017, Cairo-headquartered Breadfast began with fresh bread delivery and has now expanded to include groceries, meals, pharmaceuticals and a prepaid card.

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Private-label products account for nearly 40 percent of its grocery sales, the CEO said, adding plans are to capture up to 3 percent of Egypt’s $100 billion grocery market in the next three years.

Breadfast’s end goal is to seek a global IPO in the coming years, Amin said.

Last year, more than $3.5 billion was pumped into startups across the region, Triska Hamid, an angel investor, wrote in AGBI.

“If we count the debt that also flowed into the coffers of several later-stage companies, that sum increased to over $7 billion,” she said, quoting figures from Wamda, a data provider.