Rabbit Mobility, a pioneering micromobility enterprise based in Egypt, has successfully secured $1.3 million in a recent funding round aimed at bolstering its expansion initiatives throughout Egypt and into the broader North African markets. The investment round was spearheaded by 500 Global, a prominent venture capital firm, and Untapped Global, renowned for its expertise in smart asset financing. Additionally, the round saw participation from a diverse group of angel investors, both local and international.
This fresh injection of capital represents a considerable endorsement of Rabbit Mobility’s ongoing efforts to foster urban sustainability. The startup’s strategic plan is centered on delivering eco-friendly transportation alternatives that alleviate the issues of traffic congestion and environmental degradation in the densely populated urban centers of the region.
Rabbit Mobility was established in 2020 by a trio of visionaries: Kamal ElSoueni, who serves as the CEO and Co-founder, alongside Mohamed Mansoury and Bassem Magued. The company has since been at the forefront of providing a clean and convenient solution to the challenges of urban transportation, deploying a fleet of electric scooters and bikes that promise a greener, more efficient mode of travel.
Kamal ElSoueni expressed optimism about the future, noting that the investment will fuel the company’s growth trajectory, enabling a significant expansion of their fleet and an enhancement of the overall user experience. The goal is to make micromobility more accessible and user-friendly for the Egyptian populace.
Rabbit Mobility has reported remarkable growth since its inception, proudly announcing the completion of over one million rides. Just five months prior to the latest funding news, the company had reached a milestone of 400,000 users without any formal marketing campaigns, and it had also introduced its first series of locally assembled second-generation scooters. In the weeks leading up to the investment announcement, Rabbit Mobility has seen its fleet size triple and a marked increase in user adoption, underscoring a growing demand for micromobility solutions in the Egyptian market.
With this latest round of funding, Rabbit Mobility is well-positioned to scale up its operations and fleet, further cementing its status as a leading force in Egypt’s micromobility sector. The company is on a fast track to growth, with an ambitious target of reaching profitability by the end of 2024.
The capital raised will be strategically invested in extending the reach of electric scooters and bikes across Egypt and into neighboring North African nations, thereby tackling the challenges of urban transport and championing eco-friendly transport options.
David Kleiterp, Co-Head of Investments at Untapped Global, expressed confidence in Rabbit Mobility’s potential for rapid and sustainable growth, backed by the support from his firm.
As Rabbit Mobility continues to innovate and transform the landscape of urban mobility, industry observers and stakeholders are intently monitoring the company’s progress. The latest round of funding is viewed as a pivotal milestone in the company’s journey to redefine transportation within the region.
