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Rabbit Mobility closes USD 1.3 mn round: Egyptian e-scooter startup Rabbit Mobility raised USD 1.3 mn in a new investment round led by VC firm 500 Global and Untapped Global, according to a press release (pdf). The round also saw participation from a group of angel investors and sustainable mobility experts.
About the scooters: Rabbit’s recently deployed Gen 2 scooters are locally assembled in Egypt and have swappable batteries that average 29 days of use, cofounder and CEO Kamal ElSoueni told EnterpriseAM.
Where is the money going? The funds will “fuel Rabbit’s rapid growth and expansion plans across Egypt and other North African markets,” according to the press release. The funds will also help the company expand its fleet of electric vehicles, enhance user experience, and make micromobility more accessible locally.
Rabbit is heading to Morocco: Rabbit plans to deploy its first fleet of light EVs in Morocco next year, ElSoueni told us. “We’re interested in expanding to other North African markets starting with Morocco. We believe the Moroccan market is similar to the Egyptian market where cities have high population densities, high traffic congestions, and are not exposed to severe weather,” he said.
Rabbit Mobility? Rabbit Mobility is a cleantech transport company and a micromobility platform that offers day rentals of its fleet of electric vehicles — scooters, bikes, and others. Since it kicked off operations in 2019, the startup saw over 450k users complete over 1 mn rides. The startup expects to achieve profitability by year end.
