Rabbit Mobility Secures $1.3 Million Funding to Support Sustainable Mobility Expansion
Rabbit Mobility, the Egyptian micromobility company, announced the successful closure of a $1.3 million funding round. Leading the round were Global 500 and Untapped Global, with participation from a group of strategic angel investors and experts in sustainable mobility.
Company Foundation and Business Model
Rabbit Mobility was founded by Kamal ElSoueni, Mohamed Al Mansouri, and Basem Magid, with the aim of providing convenient and sustainable transportation solutions within Egyptian cities. This new funding will enable the company to accelerate its growth and expand its operations in Egypt and other North African markets.
Allocation of Funds
The newly raised funds will be directed towards improving the company’s fleet, enhancing user experience, and expanding its network of sustainable mobility services. Kamal El Sewiny, co-founder and CEO of Rabbit Mobility, commented: “We are thrilled to partner with companies like Global 500 and Untapped Global, along with our angel investors. Their investments will help us accelerate our growth and expand our services to better meet the needs of our users.”
Company Achievements
Rabbit Mobility has experienced significant growth in recent years, with over 450,000 users completing more than one million rides. The company highlighted that this rapid growth reflects the rising demand for sustainable and smart mobility solutions in Egypt.
Future Expansion
In the past few weeks, Rabbit Mobility’s fleet has tripled in size, leading to a substantial increase in users. As this growth continues, the company expects to achieve profitability by the end of the year, positioning itself as a key player in Egypt’s smart mobility sector.
