Egyptian micromobility startup Rabbit Mobility has successfully raised a US$1.3 million funding round to accelerate its expansion across Egypt and additional North African markets. Founded in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility aims to provide an eco-friendly urban transportation option through its fleet of electric scooters, designed for efficient and accessible city travel.
Since its inception, the platform has enabled over 450,000 users to complete more than one million rides, reflecting the growing demand for sustainable, convenient transportation in Egypt’s bustling cities.
This latest funding round, led by 500 Global and Untapped Global, alongside a group of strategic angel investors, marks a significant milestone in Rabbit’s journey. The capital infusion will drive Rabbit’s ambitious plans for growth, supporting fleet expansion, geographic reach, and ongoing improvements to the user experience.
Read also: BasiGo Unveils Kenya’s First Electric Bus Assembly Line.
“We are thrilled to welcome 500 Global, Untapped Global, and our esteemed angel investors to the Rabbit Mobility family,” said ElSoueni. “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.”
This funding enables Rabbit Mobility to extend its operations within Egypt and pursue expansion across North African markets. Aiming for profitability by year-end, the startup plans to grow its fleet and refine its services, making its platform a key player in Egypt’s emerging micromobility landscape.
“Rabbit Mobility’s innovative approach and commitment to sustainable transportation resonate strongly with our vision,” said Amal Dokhan, managing partner at 500 Global. “We’re excited to support their growth and contribute to the development of the micromobility ecosystem in Africa, offering greater access to sustainable transportation solutions across the continent.”
Comments 1