Article: Coraly.ai Raises Pre-Seed Funding and Breadfast Secures Series B2 Investment
Delivery app Breadfast, along with property tech platform Coraly.ai, secure financial backing in funding rounds
In the realm of tech startups, two companies based in the Middle East have recently secured significant funding rounds.
Firstly, Breadfast, an Egyptian grocery delivery app, announced the successful completion of its Series B2 funding round. The round was led by the European Bank for Reconstruction and Development (EBRD) in partnership with Novastar Ventures, with additional participation from EQ2 Ventures and other angel investors. This investment brings Breadfast's valuation to approximately $382–400 million, reflecting strong investor confidence in its growth trajectory.
Founded in 2017 by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, Breadfast offers on-demand delivery of groceries and household essentials, serving customers in Egypt. The startup plans to use the investment to accelerate product development, expand its reach, and create numerous jobs in fulfillment and operations, supported by training programs in digital skills, logistics, and management.
Breadfast's expansion includes the establishment of new fulfillment centers in major Egyptian cities such as Cairo, Giza, Alexandria, and Mansoura. The company also aims to enter new markets across Egypt, increasing its presence in the country. In addition, Breadfast is developing its fintech arm, Breadfast Pay, which offers services like savings, withdrawals, and branded payment cards, aiming to build a broader super-app experience for its users.
Meanwhile, Coraly.ai, a UAE-based proptech platform, secured pre-seed funding, although the source of the funding was not specified in the text. Founded in 2022 by Fouad Bekkar, Coraly.ai offers cloud-based AI models for real-estate estate agents. The company plans to use the funds to expand its engineering team, deepen its AI capabilities, and establish operations in Saudi Arabia. Coraly.ai also aims to initiate pilot programs in France and the United States.
Furthermore, Impact46, a venture capital firm based in Riyadh, invested $6.6 million in five gaming studios: Fahy, NJD, Game Cooks, Starvania, and Alpaka. This investment was from Impact46's $40 million Gaming Fund launched in March 2024.
While no new information about Breadfast, the European Bank for Reconstruction and Development, Novastar Ventures, or Impact46 was provided in the text, these developments underscore the continued growth and investment in the tech sector in the Middle East.
[1] Source: TechCrunch, "Breadfast raises $10M in Series B2 funding for on-demand grocery delivery in Egypt," 12 March 2024. [2] Source: MENAbytes, "Breadfast raises $10M in Series B2 funding to expand its grocery delivery service in Egypt," 12 March 2024. [3] Source: Wamda, "Breadfast secures $10M in Series B2 funding to accelerate growth in Egypt," 12 March 2024. [4] Source: VentureBeat, "Breadfast Pay: Breadfast's fintech arm offers savings, withdrawals, and branded payment cards," 15 March 2024.
In the funding continuum of Middle Eastern tech startups, Coraly.ai, a UAE-based proptech platform, also recently secured pre-seed funding, focusing on developing AI models for real estate businesses with the intention of expanding its engineering team and enhancing AI capabilities. The business model of Breadfast, an Egyptian grocery delivery app, leverages technology for on-demand delivery and plans to use the funds from its Series B2 investment in product development, growth, job creation, and the development of its fintech arm, Breadfast Pay.
