Egypt’s micromobility sector continues to gain momentum as Rabbit Mobility, a leading electric scooter startup, announces the successful closure of a $1.3 million investment round. This funding is intended to support the company’s ambitious growth plans in Egypt and other North African markets. With this new influx of capital, Rabbit Mobility aims to enhance its fleet, improve user experience, and solidify its position in the competitive landscape of urban transportation.

Investment Details

The investment round was spearheaded by 500 Global and Untapped Global, alongside contributions from various strategic angel investors. These firms are renowned for their commitment to promoting sustainable technologies, making them ideal partners for Rabbit Mobility. The infusion of funds is expected to enable the startup to expand its electric scooter and bike offerings, which are designed to address the pressing need for efficient short-distance transportation solutions in urban environments.

Founded in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility has made significant strides in establishing itself within the Egyptian market. The startup focuses on addressing the challenges associated with the "first and last mile" transportation dilemma, which often hampers urban commuting.

Current Operations and User Base

Currently operational in seven Egyptian cities, including Cairo, Giza, and Alexandria, Rabbit Mobility has garnered a substantial user base. The company has facilitated over one million rides for approximately 450,000 users to date. This remarkable uptake underscores the growing demand for sustainable mobility options, particularly as urban congestion and pollution continue to rise.

In response to this increasing demand, Rabbit Mobility has tripled its fleet availability in recent weeks, further indicating a strong trajectory of growth. The company offers two rental models to cater to diverse user needs: “Unlock & Go,” which allows users to locate and rent nearby vehicles for short trips, and “Day Rentals,” which provides longer-term vehicle rentals delivered directly to users’ doorsteps. Notably, Rabbit Mobility has experienced strong engagement from female users, who represented 55% of “Day Rentals” in 2022.

Statements from Leadership

Kamal ElSoueni, co-founder and CEO of Rabbit Mobility, expressed enthusiasm regarding the new investment. He stated, “We are thrilled to welcome 500 Global, Untapped Global, and our esteemed angel investors to the Rabbit Mobility family. 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.”

Amal Dokhan, Managing Partner at 500 Global, highlighted the importance of the investment, commenting, “We believe in Rabbit Mobility’s innovative approach and commitment to sustainable transportation. We are excited to support their growth and contribute to the development of the micromobility ecosystem in Africa.”

Similarly, David Kleiterp, Co-Head of Investments at Untapped Global, praised Rabbit Mobility’s innovative platform, expressing confidence in its potential for sustainable growth. He remarked, “We are impressed with the innovation behind Rabbit’s tech-enabled micro-mobility platform, and with our support, we believe they will continue to scale rapidly and grow sustainably.”

Rabbit Mobility’s recent funding round signifies a pivotal moment for the Egyptian micromobility landscape. With strategic investment partners on board and a clear plan for expansion, the startup is poised to redefine urban transportation in Egypt. As the company works towards achieving profitability, it aims to meet the growing demand for sustainable and efficient mobility solutions in a rapidly changing market. The investment not only fuels Rabbit Mobility's growth but also reinforces the importance of innovation in addressing urban transportation challenges across the region.