IFC Weighs $13M Equity Investment in Egypt’s Breadfast

STARTUP VENTURE CAPITALDecember 29, 2025 at 1:01 PM UTC

TLDR

IFC considering $13 million equity investment in Breadfast for expansion and tech enhancement
Breadfast, founded in 2017, offers AI-driven grocery delivery in Egypt's major cities
Breadfast aims to expand into secondary cities and strengthen supply chain with potential IFC backing

International Finance Corporation is considering an equity investment of up to $13 million in Breadfast, as the Egyptian online grocery and quick-commerce company seeks to expand beyond major cities and upgrade its technology.

The proposed investment, disclosed by IFC, is subject to environmental and social reviews and internal approvals. The funds would support Breadfast’s expansion into secondary cities across Egypt and further development of its proprietary technology stack.

Founded in 2017 by Mostafa Amin, Muhammad Habib and Abdallah Nofal, Breadfast operates an AI-driven platform offering grocery delivery within 60 minutes. The company sells fresh food, bakery items, private-label goods, personal care products and ready-to-eat meals.

Breadfast controls a large part of its supply chain through in-house bakeries, food production facilities and owned brands, a model designed to improve margins and delivery speed.

The potential IFC backing follows a $10 million investment from the European Bank for Reconstruction and Development, which supported the scaling of Breadfast’s fulfilment and logistics infrastructure across Egypt.

If completed, the IFC investment would add another development finance institution to Breadfast’s shareholder base, strengthening its balance sheet as competition intensifies in Egypt’s fast-growing online grocery market.

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Key Takeaways

IFC’s interest in Breadfast points to rising confidence among development lenders in Egypt’s consumer-tech and logistics platforms. Quick commerce has grown rapidly in large Egyptian cities, driven by dense urban populations, rising smartphone use and demand for faster delivery of essentials. Expansion into secondary cities remains more complex, requiring investment in fulfilment centers, data systems and supply chains. Breadfast’s vertically integrated model aligns with the priorities of institutions like IFC and EBRD, which favor companies that build local capacity, create jobs and reduce reliance on imports. Owning bakeries and production facilities also supports food security goals, an area of focus for development finance in North Africa. The potential deal reflects a broader trend of multilateral lenders filling funding gaps as global venture capital remains cautious. For consumer startups with clear unit economics and domestic growth paths, development institutions are emerging as long-term partners. If approved, the investment would reinforce Breadfast’s position as one of Egypt’s leading quick-commerce platforms and signal continued institutional support for scalable, tech-enabled retail models in the region.

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