Micromobility platform Rabbit Mobility raised $1.3 M to fuel expansion plans
The top micromobility platform in Egypt, Rabbit Mobility, successfully closed a $1.3 million investment round today. The plans for Rabbit’s quick development and expansion throughout Egypt and other North African markets will be fueled by this funding.
Rabbit Mobility, founded by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, provides an easy and environmentally friendly means of transportation in urban areas. Rabbit Mobility offers a dependable and reasonably priced mode of transportation to its customers with its expanding collection of electric bikes and scooters. The organization is dedicated to lowering traffic congestion and advancing sustainable urban mobility.
Rabbit is receiving smart asset financing from Untapped Global and 500 Global, two well-known venture capital firms, who are leading the investment. Several strategic angel investors and local and international authorities on sustainable mobility are also taking part in the round. Strong ties to sustainable transportation and a common goal of transforming urban mobility in Africa characterize this strategic partnership.
“We are thrilled to welcome 500 Global, Untapped Global, and our esteemed angel investors to the Rabbit Mobility family,” said Kamal ElSoueni, co-founder & 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.”
With over 450,000 users having completed over 1,000,000 rides, Rabbit Mobility has grown at an unprecedented rate over the last two years. The rising demand for eco-friendly and effective modes of transportation in Egypt is reflected in this surge in popularity.
Rabbit Mobility has seen a surge in user adoption and tripled its fleet availability in the last few weeks alone. This quick expansion shows how much demand there is in Egypt for micromobility solutions and highlights Rabbit Mobility’s capacity to satisfy user needs.
The company intends to further expand its fleet and operations across the nation, placing it in a strong position to maintain this momentum. Rabbit Mobility is on track to turn a profit by year’s end, securing its place as the industry leader in micromobility in Egypt.
“We believe in Rabbit Mobility’s innovative approach and commitment to sustainable transportation,” said Amal Dokhan, Managing Partner at 500 Global. “We are excited to support their growth and contribute to the development of the micromobility ecosystem in Africa.”
“We are impressed with the innovation behind Rabbit’s tech-enabled micro-mobility platform,” said David Kleiterp, Co-Head of Investments at Untapped Global, “and with our support, we believe they will continue to scale rapidly and grow sustainably.”
As Rabbit Mobility works to further transform urban mobility in Egypt, this investment represents a major turning point for the business. With a committed workforce and a solid financial base, Rabbit Mobility is prepared to handle the increasing demand for eco-friendly and effective transportation options.
