Rabbit, an Egyptian on-demand delivery firm that uses dark storefronts to transport groceries, cosmetics, electronics, and other items, has secured a US $11 million pre-seed fundraising round.
Rabbit, a tech-enabled hyper-local fulfilment centre founded by Ahmad Yousry, Walid Shabana, Ismail Hafez, and Tarek El Geresy last month, promises to be able to assure consumers that what they want will never be out-of-stock and will arrive in under 20 minutes.
“Consumer expectations have evolved significantly over the past two decades. On-demand has taken over the music, media and transportation industries and we believe that on-demand retail is next,” said Yousry, Rabbit’s chief executive officer (CEO).
“We are building a business with speed as a core part of the DNA, which is evident in how we operate and work. We measure things by seconds because ultimately, we are not in the business of retail or convenience, we are in the business of time. We work hard to ensure we save you time to do more with your day.”
Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital, and Goodwater Capital are among the foreign investors who contributed to the US $11 million pre-seed fundraising round. Rabbit presently serves four neighbourhoods in downtown Cairo – Mohandeseen, Zamalek, Maadi, and Nasr City – and has ambitions to extend its service area in the near future, with intentions to grow into other large cities and handle hundreds of thousands of orders every month.
“The Rabbit team is setting a totally new standard for the grocery industry in Egypt and the broader region. They offer a totally new experience to customers compared to traditional grocers and local stores,” said Lorenzo Franzi, an investor at Global Founders Capital. “We have been following their progress since the very beginning and are very excited to be supporting their journey.”