Cairo – Sharikat Mubasher: Rabbit Mobility, an Egypt-based micro-mobility platform, announced the successful closure of a $1.3 million investment round aimed at fueling its rapid growth and expansion plans across Egypt and other North African markets.
The investment round was led by 500 Global alongside Untapped Global, which is providing Smart Asset Financing. The round also includes contributions from a group of strategic angel investors with expertise in sustainable mobility, according to a press release.
Founded by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility provides a sustainable way for users to navigate cities through its fleet of electric scooters and bikes.
Kamal ElSoueni, Co-founder and CEO of Rabbit Mobility said: “Their investment will enable us to accelerate our growth, expand our fleet, and enhance our user experience, making micro-mobility more accessible for Egyptians nationwide.”
Rabbit Mobility has seen significant growth in recent years, with over 450,000 users completing more than one million rides, highlighting the demand for sustainable transportation options in the region.
The company recently tripled its fleet availability and witnessed a surge in user adoption, positioning itself for continued success.
With plans to expand operations further and achieve profitability by year-end, Rabbit Mobility aims to solidify its status as a key player in Egypt's micro-mobility market while promoting a sustainable urban mobility ecosystem in Africa.
