Mubadala breaks its energy-only streak in Egypt with Breadfast backing: Mubadala was among several investors who took part in Egyptian e-commerce platform Breadfast’s USD 50 mn pre-Series C funding round, Breadfast’s co-founder and CEO Mostafa Amin told Bloomberg. Mubadala joined the round alongside SBI Investment, Olayan Financing Company, Y Combinator, the World Bank’s IFC, Novastar Ventures, 4DX Ventures, and the European Bank for Reconstruction and Development.

Where will the money go? The funds will be used to develop the firm’s infrastructure and business units, as well as potential expansion in other North and West African countries.

What’s next? The company is gunning for a bigger funding round in 1H 2026, with ongoing discussions currently taking place with growth investors for a Series C round. It also targets close to 3% of Egypt’s USD 100 bn grocery market in the next three years, with plans for a global IPO in the future.

About the company: Founded nine years ago as a fresh-bread delivery service by Mostafa Amin (LinkedIn), Muhammad Habib (LinkedIn), and Abdallah Nofal (LinkedIn), Breadfast developed into a platform offering groceries, ready meals, pharma products, a prepaid card, and other services. The company controls much of its supply chain, including private-label production, delivery, and its own coffee shops, with in-house brands accounting for about 40% of grocery sales.

Our take

This is a pivot for Mubadala, which has historically treated Egypt as an energy play. The sovereign entity was mainly interested in the North African country’s upstream gas and midstream infrastructure, including a 10 % stake in the Shorouk Concession (Zohr gas field), a 20% stake in the Nour North Sinai offshore concession, and a position in the SUMED oil pipeline, according to its website. By leading this round, the fund is signalling a move into Egypt’s consumer tech infrastructure.

Tags: