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Two of Saudi Arabia’s most influential business figures, sisters Lubna and Hutham Olayan, have backed Egyptian grocery and essentials delivery startup Breadfast in a new funding round alongside Abu Dhabi’s Mubadala Investment Company, a deal that underscores the growing pull of Africa’s consumer logistics market.
The investment, made through the Olayan family’s holding interests, is part of a $50 million pre Series C raise, according to people familiar with the deal and regional business reports. Breadfast said the money will be used to expand warehousing, deepen its delivery network and support a push into new markets, as competition intensifies among companies promising faster doorstep fulfillment.
Breadfast started as a subscription style bread delivery service in Cairo before widening into a broader basket that includes groceries and daily household needs. The company has pitched its model as one built around tighter control of inventory and distribution, a strategy that can matter in inflationary environments where margins are fragile and stockouts are costly.
The Olayan name carries weight in that kind of bet. The sisters are among the wealthiest women in Saudi Arabia and sit at the center of one of the kingdom’s most discreet business dynasties. Their father, Suliman S. Olayan, founded the Olayan Group in 1947, building it from contracting work into a sprawling enterprise with operating businesses and a global investment portfolio.
Lubna Olayan became a symbol of corporate change in Saudi Arabia long before recent reforms, holding high profile board roles and later becoming chair of Saudi British Bank. Hutham Olayan has been closely associated with the family’s U.S. investment arm and oversight of the group’s international footprint, operating with a low public profile but a reputation for disciplined deal making.
Their participation signals confidence that consumer logistics in the Middle East and North Africa still offers room for scale, even as global venture funding has tightened. Mubadala’s involvement adds another heavyweight to the cap table, and the mix of backers suggests Breadfast is positioning itself for a larger institutional round and, eventually, a public market story.
Breadfast has not publicly disclosed the company’s valuation in the financing. Executives have indicated they are looking at further fundraising this year and have floated the idea of a future listing, depending on market conditions and continued growth.
The round also highlights a broader shift: wealthy Gulf investors are increasingly looking south, seeking companies with real revenue, defensible supply chains and a path to profitability, rather than growth fueled only by discounts. Breadfast’s next test will be whether it can expand beyond Egypt without losing the operational discipline that made it a standout at home.
