Egyptian micromobility startup Rabbit Mobility has raised $1.3 million in a fresh investment round, positioning itself for rapid growth across Egypt and potential expansion into other North African markets. The funding was led by venture capital firm 500 Global and asset financing specialist Untapped Global, with participation from a group of angel investors.
Founded in 2020 by Kamal ElSoueni, Mohamed Mansoury, and Bassem Magued, Rabbit Mobility has established itself as a clean mobility solution in Egypt, offering a fleet of electric scooters and bikes to help users navigate congested urban areas. The platform’s aim is to provide a convenient, affordable, and sustainable alternative to traditional modes of transport while addressing the challenges of urban traffic and pollution.
The fresh capital injection will support Rabbit Mobility’s efforts to expand its fleet and scale operations, enhancing its market presence in Egypt and setting the stage for a broader rollout across North Africa. According to the company’s leadership, this latest funding round underscores a growing demand for sustainable transportation in the region, as cities grapple with traffic congestion and environmental concerns.
“We are thrilled to have the support of 500 Global, Untapped Global, and our angel investors as we embark on the next phase of our growth,” said Kamal ElSoueni, co-founder and CEO of Rabbit Mobility. “This funding will enable us to scale our fleet, improve our technology platform, and make micromobility more accessible to millions of people across Egypt.”
Rabbit Mobility has experienced rapid growth since its inception, with over 450,000 registered users completing more than one million rides. In recent weeks, the company has tripled its fleet size to keep pace with increasing demand, a sign that urban dwellers are increasingly opting for micromobility solutions over traditional transport options.
“We believe in Rabbit Mobility’s innovative approach to urban transportation and their commitment to sustainable mobility,” said Amal Dokhan, Managing Partner at 500 Global. “Our investment reflects confidence in the company’s ability to scale effectively and provide solutions to the transportation challenges faced by cities in Africa.”
Untapped Global, which provides smart asset financing for companies in emerging markets, echoed this sentiment. “Rabbit’s tech-enabled micromobility platform has demonstrated its potential to scale rapidly,” said David Kleiterp, Co-Head of Investments at Untapped Global. “We look forward to supporting them as they continue to grow sustainably and meet the mobility needs of urban residents.”
The investment round highlights the increasing interest in micromobility solutions across Africa, as cities like Cairo face growing pressure to modernise their infrastructure and reduce carbon emissions. Electric scooters and bikes are seen as part of the solution, offering a cleaner alternative to petrol-fueled vehicles that dominate the roads in Egypt and other urban centers.
Rabbit Mobility’s ambition extends beyond just expanding its fleet. The company is also focusing on improving its user experience by enhancing its app’s interface, integrating more real-time data for users, and working on partnerships to expand access to their services. This combination of operational and technological advancements, according to the founders, is critical to making micromobility a viable option for a wider range of people.
The company has also set its sights on profitability, a goal that ElSoueni believes is achievable by the end of this year. If successful, Rabbit Mobility could solidify its position as a leading player in Egypt’s micromobility space, which has seen increased competition as the demand for efficient, environmentally-friendly urban transport options rises.
Looking ahead, the company’s roadmap includes further expansion into neighboring North African markets, as well as developing more tailored solutions to meet local transportation needs. With urbanisation on the rise and environmental concerns driving policy shifts, the micromobility market in the region is expected to grow, offering opportunities for players like Rabbit Mobility to capture a larger share of the market.
The successful funding round, coupled with Rabbit Mobility’s ambitious growth plans, signals a significant moment for the company as it continues to navigate the evolving landscape of urban transportation in Africa.