Mubadala and SBI back Breadfast plan to explore African logistics expansion

Breadfast raised USD 50 mn in a pre-Series C funding round supported by Emirati sovereign wealth fund Mubadala, Japan’s SBI, and Saudi’s Olayan Financing Company, alongside unspecified VC investors, institutional investors, and an unnamed Saudi family, according to a statement. The online grocery company will use the funds to “expand infrastructure, strengthen logistics, and explore entry into new African markets.”

Why it matters: For most local startups, expansion ambitions seem to start and end in the Gulf. Yet Breadfast, along with a few notable exceptions, is also looking south and west into Africa. The company could be wagering that the full-stack approach it honed in Cairo may be a better fit for other markets on the continent than the already oversaturated Gulf market.

What’s next? The Cairo-born startup is looking to launch a larger Series C round in the first half of the year.

Emsteel secures five-year iron ore pellets freight contract with Oldendorff

UAE steelmaker Emsteel just locked in five years of ocean freight with German shipping giant Oldendorff — signing a long-term AED 600 mn contract to support the group’s supply chain network. The agreement covers about 5.2 mn tons a year of iron ore pellets shipped from multiple sources.

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