Egyptian micromobility platform, Rabbit Mobility has closed a $1.3 million investment round to fuel its expansion plans.
The round was led by 500 Global and Untapped Global, along with a group of angel investors.
Founded in 2020 by Kamal ElSoueni, Mohamed Mansoury and Bassem Magued, Rabbit Mobility is a clean mobility solution with a fleet of electric scooters to move around the city.
This funding will fuel Rabbit’s rapid growth and expansion plans across Egypt and other North African markets.
Rabbit Mobility offers a convenient and sustainable way to get around cities with its growing fleet of electric scooters and bikes.
It also provides users with a reliable and affordable transportation option. The company is committed to promoting sustainable urban mobility and reducing traffic congestion.
Leading the investment are 500 Global, the renowned venture capital firm, and Untapped Global, which is providing smart asset financing to Rabbit.
Also participating in the round is a group of strategic angel investors and experts in sustainable mobility globally and locally.
This strategic partnership brings a strong commitment to sustainable transportation and a shared vision for revolutionising urban mobility in Africa.
“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.”
Rabbit Mobility has experienced unprecedented growth the past couple of years, with over 450,000 users completing more than 1,000,000 rides. This surge in popularity reflects the increasing demand for sustainable and efficient transportation options in Egypt.
In the past few weeks alone, Rabbit Mobility has tripled its fleet availability and witnessed a surge in user adoption. This rapid growth demonstrates the strong demand for micromobility solutions in Egypt and underscores Rabbit Mobility’s ability to meet the needs of its users.
Amal Dokhan, Managing Partner at 500 Global said, “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.”
“We are impressed with the innovation behind Rabbit’s tech-enabled micro-mobility platform,” David Kleiterp, Co-Head of Investments at Untapped Global added.
