Rabbit Mobility Secures $1.3M in Funding to Fuel Expansion Across Egypt and North Africa
Egyptian micro-mobility startup Rabbit Mobility has raised $1.3 million in a new funding round led by prominent venture capital firm Global 500 and smart asset financing specialists Untapped Global. The round also saw participation from strategic angel investors and industry experts in sustainable mobility from both local and international markets.
Accelerating Expansion in Egypt and North Africa
Founded by Kamal El-Sweini, Mohamed El-Mansouri, and Bassem Magid, Rabbit Mobility offers eco-friendly, urban transportation solutions aimed at addressing the growing demand for efficient mobility. The newly secured funds will be used to accelerate the company’s expansion plans across Egypt and North Africa. Rabbit Mobility aims to solidify its presence as a leading player in the region’s rapidly growing mobility sector.
Co-founder and CEO Kamal El-Sweini expressed enthusiasm about the investment, saying, “We are thrilled to welcome Global 500, Untapped Global, and our angel investors to the Rabbit Mobility family. Their support will enable us to scale our operations, expand our fleet, and enhance the user experience, making micro-mobility more accessible and convenient for Egyptians nationwide.”
Strategic Investments Powering Growth
The involvement of key investors like Global 500 and Untapped Global reflects the growing global interest in sustainable urban mobility solutions. This strategic backing is expected to help Rabbit Mobility further expand its fleet and infrastructure, enhancing its service offering across Egypt and beyond.
Rapid User Growth and Profitability on the Horizon
Since its inception, Rabbit Mobility has seen rapid adoption, boasting over 450,000 users who have collectively completed more than 1 million rides. This substantial growth highlights the increasing demand for smart mobility solutions in Egypt’s urban centers. The startup is on track to achieve profitability by the end of the year, positioning itself as a dominant player in Egypt’s micro-mobility market.
With this new funding and growing user base, Rabbit Mobility is set to lead the charge in transforming urban transportation in Egypt and North Africa, contributing to a more sustainable and efficient future for commuters in the region.