Rabbit Mobility Secures $1.3M to Accelerate Growth Across Egypt
TLDR
- Rabbit Mobility secures $1.3 million investment round for expansion in Egypt and North African markets.
- Founded by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility offers electric scooters and bikes.
- Funding led by 500 Global and Untapped Global, with participation from strategic angel investors in sustainable transportation.
Rabbit Mobility, an Egyptian micro-mobility platform, has closed a $1.3 million investment round to fuel its expansion across Egypt and other North African markets.
Founded by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility offers electric scooters and bikes as a convenient, affordable, and eco-friendly transportation solution.
The funding, led by 500 Global and Untapped Global, also saw participation from strategic angel investors, both local and international, with expertise in sustainable transportation.
Key Takeaways
Rabbit has grown rapidly, amassing over 450,000 users and facilitating more than 1,000,000 rides, reflecting the increasing demand for sustainable urban mobility in Egypt. The new investment will allow Rabbit Mobility to triple its electric scooter and bike fleet and further enhance its user experience. The company aims to achieve profitability by the end of the year, solidifying its leadership in Egypt's micro-mobility market.
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