Successful Funding Round Led by Global 500 and Untapped Global
Rabbit Mobility, an Egyptian startup focused on micro-mobility solutions, has raised USD 1.3 million in a recent funding round. The round was spearheaded by venture capital firm Global 500, alongside Untapped Global, a company specializing in smart asset financing. Strategic angel investors, as well as mobility experts from both Egypt and the international community, also participated in the round.
Founded by Kamal El-Sweini, Mohamed El-Mansouri, and Bassem Magid, Rabbit Mobility offers an eco-friendly and convenient solution for urban commuters. The fresh capital injection is set to fuel the company’s ambitious growth strategy, which includes expanding its footprint in Egypt and other North African markets. Rabbit Mobility aims to strengthen its position as a leading player in the region’s mobility sector.
Investment to Accelerate Growth and Innovation
The funding will be pivotal in driving Rabbit Mobility's next phase of growth. The startup plans to enhance its fleet, improve its user experience, and make micro-mobility more accessible to a wider population. Kamal El-Sweini, co-founder and CEO of Rabbit Mobility, emphasized the importance of this funding round, saying, “We are excited to welcome Global 500, Untapped Global, and our angel investors to the Rabbit Mobility family. Their support will enable us to scale faster, expand our fleet, and offer an even better experience to our users across Egypt.”
The involvement of Global 500 and Untapped Global underscores a shared commitment to advancing sustainable urban transportation solutions. With the backing of key investors, Rabbit Mobility is well-positioned to continue providing smart mobility solutions that reduce traffic congestion and carbon emissions in densely populated cities.
Rapid Growth and Market Leadership
Since its inception, Rabbit Mobility has seen remarkable growth, with more than 450,000 users completing over 1 million rides. This rapid adoption highlights the increasing demand for innovative mobility options in Egypt, where traditional modes of transport struggle to meet the needs of modern urban life. Rabbit Mobility’s ability to scale quickly and respond to market demand has cemented its reputation as a key player in the local smart mobility ecosystem.
Path to Profitability
As Rabbit Mobility continues to expand, the startup is on track to achieve profitability by the end of the year. This milestone will further solidify its role as a major force in Egypt's burgeoning mobility sector, contributing to a more sustainable and efficient transportation landscape in the region.
