New Delhi, Aug. 14 -- At least two startups in the Middle East and North Africa region raised funding this week.

Egypt's grocery delivery app Breadfast raised an eight-digit growth-stage funding from a European institutional investor, and UAE-based proptech Coraly.ai (formerly Coralytics) secured pre-seed funding.

Meanwhile, Impact46 invested $6.6 million (around Rs 58 crore) in five gaming studios, Fahy, NJD, Game Cooks, Starvania, and Alpaka, from its $40 million Gaming Fund launched in March 2024. Impact46, based in Riyadh, backs alternative opportunities in Saudi Arabia.

Breadfast

Egypt's quick commerce grocery app Breadfast secured $10 million in a Series B2 funding round from the European Bank for Reconstruction and Development (EBRD), in partnership with Novastar Ventures.

The latest round pushed Breadfast's valuation to approximately $382-400 million.

Founded in 2017 by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, Breadfast offers on-demand delivery of groceries and other household essentials.

The fresh capital will be used to support the expansion of fulfillment centres across Cairo, Giza, Alexandria, and Mansoura, and allow access to new Egyptian cities.

Coraly AI

UAE-based proptech platform Coraly.ai (formerly Coralytics) raised $2 million (around Rs 18 crore) in a pre-seed round led by the Abu Dhabi-headquartered Salica Oryx Fund to scale up the business. The round also saw participation from EQ2 Ventures and other angel investors.

Founded in 2022 by Fouad Bekkar, Coraly.ai offers cloud-based AI models for real-estate estate agents, who can then use the AI solutions to generate better leads, automate campaigns and get performance insights to help acquire more customers.

The startup plans to use the investment to accelerate product development, expand its engineering team and deepen its AI capabilities. It also aims to establish operations in Saudi Arabia and initiate pilot programmes in France and the United States to explore early market opportunities.

Published by HT Digital Content Services with permission from VC Circle.