Mubadala Investment Company Invests $50 Million in Egyptian E-Grocery Startup Breadfast

The UAE’s Mubadala Investment Company on 17 February 2026 joined a USD 50 million (EGP 2 billion) pre-Series C financing round in Cairo-based e-grocery and delivery platform Breadfast as the company prepares for a global initial public offering (IPO). Mubadala co-invested alongside Saudi Arabia’s Olayan Financing Company, SBI Investment Co., and the World Bank’s International Finance Corporation (IFC). The capital will be used to expand Breadfast’s infrastructure across Egypt — enlarging its network of warehouses, fulfillment centres and production facilities — while supporting plans to explore select North and West African markets.

"the company is already in preliminary discussions with growth investors ahead of a planned larger Series C round scheduled for the first half of 2026," said CEO Mostafa Amin.

Context and operational focus

Founded in 2017 by entrepreneurs Mostafa Amin, Mohamed Habib and Abdullah Noufal, Breadfast evolved from a bread delivery service into a broader digital commerce app offering groceries, ready-to-eat meals, medicinal products and digital payment solutions. The startup was recently valued at nearly USD 400 million (EGP 18 billion) in late 2025 and has set an ambition to capture up to 3 percent of Egypt’s USD 100 billion (EGP 4.7 trillion) grocery market within the next three years.

The round is described by the company as an advanced stage of financing aimed at scaling operations and preparing for larger growth milestones. Company statements indicate that the new funds will prioritise operational efficiency and capacity — specifically by investing in logistics and production — as Breadfast looks to increase delivery reach and improve fulfilment times across its domestic footprint.

• Primary investors in the USD 50 million pre-Series C round: Mubadala Investment Company, Olayan Financing Company, SBI Investment Co., and the IFC.
• Planned uses of proceeds: expansion of warehouses, fulfilment centres, and production facilities in Egypt; improving operational efficiency; exploring entry into North and West African markets.
• Business mix: private-label brands account for about 40 percent of Breadfast’s grocery sales, reflecting an emphasis on in-house products.

Outlook

Breadfast’s leadership is positioning the company for a larger Series C in the first half of 2026 and eventual public listing, with the recently secured USD 50 million expected to bridge current expansion needs and support preparatory steps for a global IPO. CEO Mostafa Amin’s confirmation of preliminary talks with growth investors signals active fundraising momentum heading into 2026.

With backing from prominent regional and global investors and a strong private-label penetration, Breadfast seeks to leverage the investment to scale its logistics and product capabilities in Egypt while assessing opportunities in neighbouring African markets. The coming months will be critical as the company moves from growth-stage capital raises toward the larger financings and regulatory preparations required for an international public offering.