MAGNiTT sat down with Breadfast's co-founder Mostafa Amin who shared some amazing insights:
Q: Why did you apply to Y Combinator?
A: Y Combinator is the largest investment program in the world, they're the investors of Airbnb, DropbBox, Stripe, Reddit and many other great companies. So, joining YC has absolutely a big added value for any company to join. YC accepted a few startups from Africa and the Middle East and I think the global recognition is very important in today's startup world.
Q: What are your key takeaways from the application process to Y Combinator?
A: Be very clear, simple and never give up.
Q: What are your main goals to get out of the program?
A: Learning and networking with the right people are always our main goals in all our steps in Breadfast and this is the culture we're building.
Q: Did you encounter any challenges with your Series A fundraise?
A: Fundraising is always a challenge, our main challenge was with some legal aspects as usual especially when you have foreign investors investing in a Middle Eastern company, but with the help from our legal firm in the US, DLA Piper, we were able to pass many obstacles. They helped us a lot.
Q: What are your plans with the funds?
A: Expanding our operations across the city of Cairo and piloting our next city expansion.
Q: How do you plan to split the team and operations between MENA and US? Why?
A: We're not going to split the teams, the founding team will be temporarily in the bay area until the program ends. But, we can't be away from our main kitchen back-end in Cairo even when we scale. Cairo has many many challenges yes, but if you manage those challenges, it is absolutely a great city to run your business from.
Read the full press release below: