Egypt’s Rabbit Mobility secures $1.3 million to expand across North Africa

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October 15, 2024
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2 min read
Rabbit Mobility

The news: 

  • Rabbit Mobility, an Egypt-based micromobility startup, has raised $1.3 million in an investment round to support its expansion efforts across Egypt and North African markets
  • Leading the funding are 500 Global, a venture capital firm, and Untapped Global, which specialises in smart asset financing. A group of local and international angel investors also participated in the round. 
  • The investment marks a significant boost for Rabbit Mobility as it continues its mission to promote urban sustainability. 

The company's vision revolves around providing sustainable mobility options that reduce traffic congestion and environmental impact in the region's bustling cities. 

Founded in 2020 by Kamal ElSoueni (CEO and Co-founder), Mohamed Mansoury, and Bassem Magued, Rabbit Mobility offers a clean, convenient solution to urban transportation through its fleet of electric scooters and bikes. 

“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,” he added. 

Since its inception, Rabbit Mobility claims it has seen tremendous growth, completing more than one million rides. Five months ago, the company announced reaching 400,000 users organically, along with launching its first batch of locally assembled Gen 2 scooters. 

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In recent weeks, the company says it has tripled its fleet and witnessed a surge in user adoption, highlighting the increasing demand for micromobility solutions in Egypt. 

This latest investment round positions Rabbit Mobility to further scale its fleet and operations, solidifying its place as a dominant player in Egypt’s micromobility market. With its rapid growth, the company aims to achieve profitability by the end of 2024.

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The funds raised will be channelled into expanding the availability of electric scooters and bikes in Egypt and neighbouring North African countries, addressing urban transportation challenges while promoting environmentally friendly alternatives.

David Kleiterp, Co-Head of Investments at Untapped Global, believes Rabbit Mobility will continue to scale rapidly and grow sustainably, with his firm’s support. 

As the company continues to revolutionise urban mobility, stakeholders are keenly watching the company’s trajectory, with the latest funding round serving as a significant step toward reshaping transportation in the region.

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