Mubadala Invests $50M in Egypt’s Breadfast Ahead of Planned IPO : TechMoran

Abu Dhabi’s Mubadala Investment Company has joined a $50 million pre-Series C funding round in Egyptian e-grocery startup Breadfast as the company prepares for a potential global initial public offering, the companies announced on Tuesday. Mubadala participated alongside Saudi Arabia’s Olayan Financing Company, Japan’s SBI Investment Co., and the International Finance Corporation (IFC), a member of the World Bank Group.

"Breadfast is in preliminary discussions with growth investors ahead of a larger Series C round planned for the first half of 2026," Chief Executive Mostafa Amin said, outlining the company’s near-term capital strategy as it scales operations and explores public markets.

Deal details and strategic use of proceeds

The $50 million injection is earmarked to expand Breadfast’s infrastructure across Egypt, including investments in warehouses, fulfilment centres and production facilities. The company also plans to explore expansion into select North and West African markets as part of a broader regional growth strategy.

• Investors in the pre-Series C round: Mubadala Investment Company, Olayan Financing Company, SBI Investment Co., and the IFC.
• Funding amount: $50 million.
• Planned follow-on financing: a larger Series C round targeted for the first half of 2026, according to CEO Mostafa Amin.

Founded in 2017 by Mostafa Amin, Mohamed Habib and Abdullah Noufal, Breadfast began as a bread delivery service and has since expanded into a full-service e-grocery platform. Its current offering includes groceries, ready-to-eat meals, pharmaceutical products and digital payment services. Private-label products make up roughly 40% of Breadfast’s grocery sales, a mix the company has used to improve margins and build customer loyalty.

Market positioning and valuation

Breadfast is targeting up to 3% of Egypt’s $100 billion grocery market within the next three years, a goal that underpins its push to strengthen fulfilment capacity and product breadth. A source familiar with the matter told TechMoran that Breadfast was valued at nearly $400 million in late 2025, positioning it among regional digital commerce platforms of similar scale.

The participation of Mubadala and other institutional backers signals continued international investor interest in North African consumer tech plays. In addition to capital, the involvement of multinational and regional investors could support Breadfast’s ambitions to extend operations beyond Egypt into neighbouring markets in North and West Africa.

Outlook

With the new funding, Breadfast aims to accelerate infrastructure build-out and prepare for a larger Series C round early next year, while keeping the option of a global IPO on the table. "Breadfast is in preliminary discussions with growth investors ahead of a larger Series C round planned for the first half of 2026," Amin said, reiterating the company’s timeline. How quickly the startup can capture market share and translate private-label strength into profitable unit economics will be central to its path to public markets and regional expansion.