Rabbit Mobility, an Egyptian startup specializing in micro-mobility, has successfully raised USD 1.3M in a recent funding round. This round was led by Global 500, a prominent venture capital firm, and Untapped Global, which specializes in smart asset financing. It also included participation from strategic angel investors and experts in sustainable mobility both locally and globally.
Expanding into Egypt and North Africa
Founded by Kamal El-Sweini, Mohamed El-Mansouri, and Bassem Magid, Rabbit Mobility offers a convenient and sustainable solution for urban transportation. The new funding will be used to accelerate the company’s growth. The startup aims for an expansion of its plans in Egypt and other North African markets. Also, the new funds will contribute to further solidify its position as a key player in the region’s mobility sector.
Strategic Investments Fuel Growth
The involvement of Global 500 and Untapped Global underscores a strong commitment to sustainable mobility. Kamal El-Sweini, co-founder and CEO of Rabbit Mobility, remarked, “We are thrilled to welcome Global 500, Untapped Global, and our angel investors to the Rabbit Mobility family. Their investment will allow us to accelerate our growth, expand our fleet, and enhance our user experience, making micro-mobility more accessible and convenient for Egyptians nationwide.”
Rapid User Growth and Future Profitability
Rabbit Mobility has experienced unprecedented growth, with over 450,000 users completing more than 1 million rides. This rapid growth demonstrates the strong demand for smart mobility solutions in Egypt. Also, it highlights Rabbit Mobility’s ability to meet its users’ needs. The startup is expected to achieve profitability by the end of the year, cementing its position as a major player in Egypt’s smart mobility market.
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