Egyptian micromobility startup Rabbit Mobility has raised a US$1.3 million funding round to fuel its expansion across Egypt and other North African markets.
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. So far, it has helped over 450,000 users complete more than one million rides.
The US$1.3 million investment round was led by 500 Global and Untapped Global, and also features a group of angel investors. It will fuel Rabbit’s rapid growth and expansion plans across Egypt and other North African markets.
“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.”
Rabbit now plans to further expand its fleet and operations throughout the country, as well as internationally, and is also poised to achieve profitability by the end of the year.
“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.”
