Rabbit Mobility, an Egyptian micromobility startup, has raised a US$1.3 million fundraising round to support its growth in Egypt and other North African countries.
In addition to a group of angel investors, 500 Global and Untapped Global led the US$1.3 million funding round.
Rabbit Mobility, a clean mobility solution with a fleet of electric scooters for city transportation, was founded in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued. More than 450,000 individuals have completed over a million rides with its assistance thus far.
“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.”
Now that it is on track to turn a profit by the end of the year, Rabbit intends to increase its fleet and operations both domestically and abroad.
“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.”
Rabbit’s goals for rapid growth and expansion throughout Egypt and other North African regions will be fuelled by the new funding.
Read more on Tech Gist Africa:
NoorNation, an Egyptian climate-tech startup has secured funding to facilitate its expansion
Lucky ONE, an Egyptian finance startup, has raised $3 million in convertible notes
Cartona, an Egyptian B2B e-commerce startup, has secured a $8.1 million Series A extension
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