Egypt’s Rabbit Mobility raises $1.3 million to expand its electric scooter platform

Egyptian micromobility startup Rabbit Mobility has secured $1.3 million in funding to fuel its growth and expansion plans across Egypt and other North African markets. The investment round was led by 500 Global and Untapped Global, with participation from a group of strategic angel investors.

Founded in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility offers a fleet of electric scooters and bikes for short-distance transportation in urban areas. The platform aims to provide a sustainable and efficient solution to the “first and last mile” transportation challenge in Egypt’s cities.

It is currently available in seven cities across Egypt, including Cairo, Giza, and Alexandria. Rabbit claims to have served 450,000 users to date who have used its platform for over a million rides.

In the last few weeks, the Egyptian startup has tripled its fleet availability and witnessed an increase in adoption user adoption, it said in a statement.

Rabbit Mobility offers two models for users: “Unlock & Go,” which allows users to locate and rent nearby vehicles for short trips, and “Day Rentals,” which provides longer-term rentals delivered to users’ doorsteps. The company has noted particular success with female users, who made up around 55 percent of the “Day Rentals” model users in 2022.

Kamal ElSoueni, co-founder and CEO of Rabbit Mobility, commenting on the investment, said, “We are thrilled to welcome 500 Global, Untapped Global, and our esteemed angel investors to the Rabbit Mobility family. 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.”