Egyptian micromobility firm lands $1.3m funding

  • October 28, 2024
  • Steve Rogerson

Rabbit Mobility, Egypt’s leading micromobility platform, has closed a $1.3m investment round to fund its growth and expansion plans across Egypt and other North African markets.

Founded in 2020 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 provides users with a reliable and affordable transportation option. The company says it is committed to promoting sustainable urban mobility and reducing traffic congestion.

Leading the investment are venture capital firms 500 Global and Untapped Global, which is providing smart asset financing to Rabbit. Also participating in the round is a group of angel investors and experts in sustainable mobility globally and locally.

“We are thrilled to welcome 500 Global, Untapped Global and our esteemed angel investors to the Rabbit Mobility family,” said Kamal ElSoueni, 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 rapid growth in the past couple of years, with over 450,000 users completing more than a million 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 (rabbit-app.com) has tripled its fleet availability and witnessed a surge in user adoption. This growth demonstrates the demand for micromobility in Egypt.

The company is positioned to continue this momentum, with plans to expand its fleet and operations throughout the country. By the end of the year, Rabbit is poised to achieve profitability, solidifying its position as a 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 (500.co). “We are excited to support their growth and contribute to the development of the micromobility ecosystem in Africa.”

David Kleiterp, co-head of investments at Untapped Global (untapped-global.com), added: “We are impressed with the innovation behind Rabbit’s tech enabled micromobility platform and, with our support, we believe they will continue to scale rapidly and grow sustainably.”