Cairo 15 October 2024M
Rabbit Mobility, Egypt’s leading micromobility platform, today announced the successful closure of a $1.3 million investment round. This funding will fuel Rabbit’s rapid growth and expansion plans across Egypt and other North African markets.
Founded by Kamal ElSoueni, Mohamed Mansoury and Bassem Magued, Rabbit Mobility offers a convenient and sustainable way to get around cities. With its growing fleet of electric scooters and bikes, Rabbit Mobility provides users with a reliable and affordable transportation option. The company is committed to promoting sustainable urban mobility and reducing traffic congestion.
Leading the investment is 500 Global, the renowned venture capital firm, and Untapped Global, who is providing Smart Asset Financing to Rabbit. Also participating in the round is a group of strategic angel investors and experts in sustainable mobility globally and locally. This strategic partnership brings a strong commitment to sustainable transportation, and a shared vision for revolutionizing urban mobility in Africa.
“We are thrilled to welcome 500 Global, Untapped Global, and our esteemed angel investors to the Rabbit Mobility family,” said Kamal ElSoueni, Co-founder & CEO of Rabbit Mobility. “Their investment will enable us to accelerate our growth, expand our fleet, and enhance our user experience, making micromobility more accessible and convenient for Egyptians nationwide.”
Rabbit Mobility has experienced unprecedented growth the past couple of years, with over 450,000 users completing more than 1,000,000 rides. This surge in popularity reflects the increasing demand for sustainable and efficient transportation options in Egypt.
In the past few weeks alone, Rabbit Mobility has tripled its fleet availability and witnessed a surge in user adoption. This rapid growth demonstrates the strong demand for micromobility solutions in Egypt and underscores Rabbit Mobility’s ability to meet the needs of its users.
The company is well-positioned to continue this momentum, with plans to further expand its fleet and operations throughout the country. By the end of the year, Rabbit Mobility is poised to achieve profitability, solidifying its position as a dominant player in Egypt’s micromobility market.
“We believe in Rabbit Mobility’s innovative approach and commitment to sustainable transportation” said Amal Dokhan, Managing Partner at 500 Global. “We are excited to support their growth and contribute to the development of the micromobility ecosystem in Africa.”
“We are impressed with the innovation behind Rabbit’s tech enabled micro-mobility platform,” said David Kleiterp, Co-Head of Investments at Untapped Global, “and with our support, we believe they will continue to scale rapidly and grow sustainably.”
This investment marks a significant milestone for Rabbit Mobility as the company continues to revolutionize urban mobility in Egypt. With a strong financial foundation and a dedicated team, Rabbit Mobility is well-equipped to meet the growing demand for sustainable and efficient transportation solutions.
