Rabbit Mobility bags $1.3 Million to Fuel Micromobility in Egypt

Rabbit Mobility Secures $1.3 Million to Fuel Expansion in Egypt

Micromobility startup, Rabbit Mobility, is revving up its engines in Egypt after securing a $1.3 million funding. 500 Global and Untapped Global led the rounds, alongside a group of strategic angel investors. This injection of capital will fuel Rabbit Mobility’s ambitious plans to expand its fleet and reach across Egypt and beyond.

Can Rabbit Mobility impact Urban Movement in Egypt?

Rabbit Mobility offers a convenient and eco-friendly alternative to traditional transportation throughout Egypt. Their fleet of electric scooters and bikes provides a swift and sustainable solution for navigating urban areas. In effect, directly tackling the “first and last mile” transportation challenge.

A Winning Formula

Since its launch, Rabbit Mobility has seen impressive growth, serving over 450,000 users and facilitating over a million rides across seven Egyptian cities, including Cairo, Giza, and Alexandria. Notably, the platform has garnered significant traction among female users, with women accounting for a remarkable 55% of “Day Rentals” in 2022.

Fueling Growth and Expansion

This latest funding round will enable Rabbit Mobility to:

• Expand its Fleet: Significantly increase the number of vehicles available to users, improving accessibility and reducing wait times.
• Enhance User Experience: Invest in technology and infrastructure to further enhance the user experience and improve operational efficiency.
• Fuel Regional Expansion: Explore opportunities for expansion into other promising markets across North Africa.

A Vote of Confidence

“We are incredibly excited to have the support of 500 Global, Untapped Global, and our esteemed investors,” says Kamal ElSoueni, co-founder and CEO of Rabbit Mobility. “This funding will fuel our mission to make micromobility more accessible and convenient for everyone in Egypt.”

Navigating the Micromobility Landscape

While the micromobility sector has faced challenges, Rabbit Mobility has demonstrated a strong commitment to building a sustainable and profitable business model. The company aims to achieve profitability within months, a significant milestone in an industry known for its operational complexities.

The Future of Urban Mobility in Egypt with Rabbit

Rabbit Mobility is poised to play a crucial role in shaping the future of urban mobility in Egypt and beyond. By providing convenient, eco-friendly, and affordable transportation options, Rabbit Mobility is contributing to a more sustainable and livable urban environment.