Rabbit Mobility, an Egyptian micromobility pioneer, has successfully raised $1.3 million in a recent funding round to accelerate its expansion across Egypt and the broader North African region. The investment round was led by 500 Global, a well-known venture capital firm, and Untapped Global, a leader in smart asset financing. Additional support came from a diverse group of local and international angel investors.
Capital Boost for Urban Sustainability
This fresh capital is a significant vote of confidence in Rabbit Mobility’s efforts to promote urban sustainability. The startup is dedicated to offering eco-friendly transportation solutions aimed at reducing traffic congestion and environmental impact in densely populated urban centers.
Visionary Leadership Driving Innovation
Founded in 2020 by CEO Kamal ElSoueni, along with co-founders Mohamed Mansoury and Bassem Magued, Rabbit Mobility has been at the forefront of clean, convenient urban transport solutions. The company’s fleet of electric scooters and bikes provides a greener, more efficient alternative for city travel.
Kamal ElSoueni expressed his enthusiasm for the company’s growth trajectory, stating that the new investment will enable them to expand their fleet and enhance the user experience. Their ultimate goal is to make micromobility more accessible and user-friendly for people across Egypt.
Over One Million Rides Completed
Since its inception, Rabbit Mobility has seen remarkable growth, recently completing over one million rides. Just five months before this funding round, the company had reached 400,000 users without any formal marketing efforts. During this time, they also launched their first series of locally assembled second-generation scooters.
In the weeks leading up to the investment announcement, Rabbit Mobility saw its fleet size triple, accompanied by a significant increase in user adoption. This surge highlights the rising demand for micromobility solutions in Egypt’s crowded cities.
A Bright Future in the Micromobility Market
Strategic Expansion Across North Africa
With the new funding, Rabbit Mobility is poised to scale up its operations, extending the reach of its electric scooters and bikes across Egypt and neighboring North African markets. This strategic expansion aims to tackle urban transport challenges while promoting eco-friendly mobility options.
David Kleiterp, Co-Head of Investments at Untapped Global, expressed confidence in Rabbit Mobility’s potential for sustainable, rapid growth, emphasizing the firm’s commitment to supporting the startup’s ambitious plans.
Paving the Way for Profitable Growth
Rabbit Mobility’s journey is just beginning, with a clear goal of reaching profitability by the end of 2024. As the company continues to innovate and redefine urban mobility, all eyes are on its progress and impact in reshaping transportation across the region. The latest funding round marks a pivotal step in Rabbit Mobility’s quest to lead the micromobility sector in North Africa.
Source: ZagDaily