Rabbit Mobility has announced a $1.3 million investment round to fuel rapid growth of its micromobility platform across Egypt and other North African markets.
The Egypt-based operator has grown considerably over the past couple of years with over 450,000 users completing over one million rides. This surge in popularity reflects the increasing demand for sustainable and efficient transportation options in the region. In the past month alone, the operator has tripled its fleet availability and witnessed a surge in user adoption.
“In Sep 2024, we deployed 450+ new Gen 2 scooters which are locally assembled in Cairo, Giza and Alexandria; the largest three cities in Egypt,” Kamal ElSoueni, Co-founder and CEO of Rabbit Mobility. “Our Gen 2 scooters have swappable batteries and have been averaging 29 days of being deployed on the ground with no need to collect them to warehouses. The higher availability has been instantly reflected in a significantly higher number of users opening the app. We’re on track for 4x the number of daily rides.”
With the cash injection, Rabbit is now eying a new market.
“We’re interested in expanding to other North African markets starting with Morocco,” said ElSoueni. “We believe the Moroccan market is similar to the Egyptian market where cities have high population densities, high traffic congestion and are not exposed to severe weather. Our plan is to deploy our first fleet in Morocco in 2025.”
Leading the investment round is VC firm 500 Global and Untapped Global – which is providing smart asset financing to Rabbit. A group of angel investors and experts in sustainable mobility also contributed to the round.
“We believe in Rabbit Mobility’s innovative approach and commitment to sustainable transportation,” said Amal Dokhan, Managing Partner at 500 Global. “We are excited to support their growth and contribute to the development of the micromobility ecosystem in Africa.”
Kamal said that Rabbit Mobility is poised to achieve profitability by the end of the year. “In Sep 2024, Rabbit achieved a net profit/loss margin of -5%. Rabbit is on track to achieve its first-ever positive bottom line in Oct 2024, while growing our revenues 3x Month on Month from Sep 24 to Oct 24.”
