Rabbit Mobility has announced a $1.3 million investment round to fuel the rapid growth of its micromobility platform in Egypt and other North African markets.
The Egypt-based operator has grown significantly over the past few years, with over 450,000 users completing over 1 million rides. This growing popularity reflects the growing demand for sustainable and efficient transportation in the region.
In the last month alone, the carrier has tripled its fleet availability and seen a surge in user adoption.
“In September 2024, we deployed over 450 new second-generation scooters assembled locally in Cairo, Giza and Alexandria – the three largest cities in Egypt,” said Co-Founder and CEO of Rabbit Mobility. CEO Kamal ElSoueni told Zag Daily. “Our second-generation scooters have replaceable batteries and are on the ground for an average of 29 days without having to be collected in a warehouse. The increase was immediate and is expected to quadruple the daily ridership.”
With the cash infusion, Rabbit is eyeing new markets.
“We are interested in expanding into other North African markets, starting with Morocco,” Elsueni said. “We believe that the Moroccan market is similar to the Egyptian market, where the cities are densely populated, have heavy traffic congestion, and are not exposed to bad weather. Our plan is to bring our first fleet to Morocco in 2025. It is about deploying.”
The investment round is led by VC firms 500 Global and Untapped Global, which are providing smart asset financing to Rabbit. A group of angel investors and sustainable mobility experts also contributed to the round.
“We believe in Rabbit Mobility’s innovative approach and commitment to sustainable transportation,” said Amal Dokhan, Managing Partner of 500 Global. “We are excited to support their growth and contribute to the development of Africa’s micromobility ecosystem.”
Kamal told Zag that Rabbit Mobility is poised to achieve profitability by the end of the year. “In September 2024, Rabbit achieved a net profit margin of -5%. Rabbit achieved a net profit margin of -5% in September 2024. Rabbit achieved a net profit margin of -5% in October 2024. We are on track to achieve profitability for the first time in our history.”
