Egypt’s Rabbit Mobility raises $1.3 million to broaden its electrical scooter platform 

Egyptian micromobility startup Rabbit Mobility has secured $1.3 million in funding to gasoline its progress and enlargement plans throughout Egypt and different North African markets. The funding spherical was led by 500 International and Untapped International, with participation from a bunch of strategic angel buyers.

Based in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility provides a fleet of electrical scooters and bikes for short-distance transportation in city areas. The platform goals to offer a sustainable and environment friendly resolution to the “first and final mile” transportation problem in Egypt’s cities.

It’s at the moment out there in seven cities throughout Egypt, together with Cairo, Giza, and Alexandria. Rabbit claims to have served 450,000 customers to this point who’ve used its platform for over one million rides.

In the previous few weeks, the Egyptian startup has tripled its fleet availability and witnessed a rise in adoption consumer adoption, it stated in a press release.

Rabbit Mobility provides two fashions for customers: “Unlock & Go,” which permits customers to find and hire close by autos for brief journeys, and “Day Leases,” which gives longer-term leases delivered to customers’ doorsteps. The corporate has famous explicit success with feminine customers, who made up round 55 % of the “Day Leases” mannequin customers in 2022.

Kamal ElSoueni, co-founder and CEO of Rabbit Mobility, commenting on the funding, stated, “We’re thrilled to welcome 500 International, Untapped International, and our esteemed angel buyers to the Rabbit Mobility household. Their funding will allow us to speed up our progress, broaden our fleet, and improve our consumer expertise, making micromobility extra accessible and handy for Egyptians nationwide.”

Amal Dokhan, Managing Associate at 500 International, commented on the funding: “We consider in Rabbit Mobility’s progressive strategy and dedication to sustainable transportation. We’re excited to assist their progress and contribute to the event of the micromobility ecosystem in Africa.”

David Kleiterp, Co-Head of Investments at Untapped International, added: “We’re impressed with the innovation behind Rabbit’s tech-enabled micro-mobility platform, and with our assist, we consider they’ll proceed to scale quickly and develop sustainably.”

Electrical scooter startups have struggled globally resulting from excessive operational prices, regulatory challenges, and poor unit economics. Most have confronted unsustainable enterprise fashions, resulting in closures or important downsizing. Chook is the largest instance, which is now making an attempt to make a comeback.

Rabbit goals to succeed in profitability by the tip of the 12 months, simply two months from now, suggesting it might have already got respectable unit economics. The Egyptian startup plans to make use of the most recent funds to broaden its operations and fleet throughout the nation, and doubtlessly different markets in North Africa.

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