The round was led by venture capital firm 500 Global, alongside Untapped Global, known for its expertise in smart asset financing, with participation from a number of local and international angel investors.

This funding marks a key milestone for Rabbit Mobility, aligning with its goal of promoting sustainable urban mobility solutions.
The startup’s mission centers on providing eco-friendly transportation options designed to reduce traffic congestion and environmental pollution in Egypt’s densely populated cities.

Founded in 2020 by Kamal ElSoueni (CEO), Mohamed Mansoury, and Bassem Magued, Rabbit Mobility offers electric scooters and bikes as a cleaner, more convenient alternative for urban commuters.

ElSoueni emphasized the importance of the investment, stating, “It will enable us to scale our growth, expand our fleet, and enhance the user experience, making micromobility more accessible across Egypt.”

Since its launch, Rabbit Mobility has achieved notable success, completing over one million rides and growing its user base to 400,000 within the past five months.

The company also introduced its locally assembled Gen 2 scooters, and more recently, it has tripled the size of its fleet, reflecting the rising demand for micromobility solutions in Egypt.

With this latest investment, Rabbit Mobility aims to further strengthen its position in Egypt’s micromobility market and extend its reach into other North African countries.

The funds will be used to expand the availability of its electric scooters and bikes, addressing urban transport challenges while contributing to a greener future.

David Kleiterp, Co-Head of Investments at Untapped Global, expressed confidence in Rabbit Mobility’s ability to continue scaling and growing sustainably, highlighting the potential for the startup to achieve profitability by the end of 2024.

The IFC’s contribution, allocated to the senior tranche, aligns with its broader mission to promote sustainable development in areas grappling with severe energy poverty.

The H2R Fund, structured in three equity tranches—senior, mezzanine, and junior—each valued at $60 million, also includes a $20 million grant facility.

The fund’s goal is to electrify 72 million people over the next decade, while avoiding 5 million tonnes of CO2 emissions.

It focuses on financing off-grid solar companies across 16 countries with low electrification rates.

A key target of the fund is Pay-as-you-Go (PayGo) solar companies, which offer solar home systems to low-income households through affordable incremental payments.

This approach enables clean energy access in areas where traditional grid infrastructure is either too expensive or impractical.

One unique aspect of the fund is a grant that encourages solar providers to reduce interest rates for consumers by meeting specific performance indicators, such as the number of first-time electricity users reached.

This strategy ensures both financial sustainability and social impact by benefiting underserved communities.

Yellow Malawi, one of the companies supported by the H2R Fund, recently received a $2 million investment.

This blended-currency loan is expected to help the company expand its services to approximately 182,000 people. Acumen’s role in this initiative is part of its ongoing efforts to support off-grid solar enterprises and deploy patient capital to social ventures.

Acumen’s H2R Fund employs a blended finance model, combining commercial investments, concessional capital, and grants.

This model mobilizes diverse capital sources to address energy poverty, support sustainable business growth, and contribute to global climate goals.

This funding round includes contributions of €500,000 ($546,890) from Mstudio and €250,000 ($273,358) from Saviu Ventures.

The capital will support Waribei’s mission of empowering local merchants by improving their access to stock.

This will enable them to boost sales and ensure the long-term sustainability of their businesses.

The fintech also aims to enhance its integration with financial institutions to offer customized, high-quality services that meet the specific needs of local entrepreneurs.

By addressing the financing gap, Waribei plans to transform informal commerce in the region and unlock new growth opportunities for both retailers and wholesalers.

Founded in 2023 by Ladislas Pham and Frédéric Fameni, Waribei connects banks, wholesalers, and retailers through a payment tool that formalizes access to working capital.

This solution enables retailers to purchase goods on credit, fostering their business growth.

Additionally, Waribei’s platform allows wholesalers to manage payment terms within traditional distribution channels, all supported by bank liquidity.

Co-founder Ladislas Pham emphasized the company’s approach of listening to retailers and wholesalers and spending time in the markets to understand their daily challenges.

“At Waribei, we want to ensure that merchants can grow their businesses without worrying about maintaining stock levels or struggling to secure loans,” he said.

Research shows that the informal sector plays a crucial role in African economies, with women making up a significant portion of participants.

However, limited access to financing has hindered the growth of this sector.

Mstudio, one of Waribei’s investors, acknowledged the importance of addressing this challenge, particularly for women traders, who often face difficulties in maintaining a steady stock supply due to inadequate access to traditional financing options. 

This fund, launched in collaboration with the Health Finance Coalition (HFC), is dedicated to enhancing innovative healthcare models across Africa by addressing key challenges in health financing and capacity building.

The fund attracted a diverse range of investors, including major players like the International Finance Corporation (IFC), Proparco, Swedfund, and the US International Development Finance Corporation (DFC).

Private sector contributors, such as Merck & Co., Inc., Philips, FSD Africa Investments, and Grand Challenges Canada, were also instrumental in reaching the fund’s milestone.

Additionally, philanthropic organizations like the Skoll and UBS Optimus foundations further backed the initiative, reflecting the growing interest in Africa’s healthcare sector, particularly through blended finance approaches that integrate public, private, and commercial funding sources.

The THF’s objective is to support enterprises that provide proven healthcare solutions, with a focus on serving vulnerable communities.

The fund offers debt and mezzanine financing to scale companies that focus on critical areas such as local supply chains, digital health innovations, and affordable care delivery models.

Ziad Oueslati, Founding Partner at AfricInvest, emphasized the significance of innovative financing models like the THF in addressing Africa’s healthcare challenges.

Martin Edlund, CEO of Malaria No More, echoed his views, highlighting the growing need for private sector investment as donor funding declines and African countries grapple with rising debt burdens.

THF has already committed $20 million to several ventures, including Africa Healthcare Network (AHN), a leading dialysis provider in sub-Saharan Africa, Insta Products, which manufactures therapeutic foods to combat malnutrition, and Kenya’s Lapaire Glasses, which provides affordable eye care solutions. 

These investments underscore the fund’s commitment to both immediate healthcare needs and long-term system improvements.

With sub-Saharan Africa bearing 20% of the global disease burden but receiving limited impact investment, the THF aims to bridge this gap by focusing on enterprises that are locally led and scalable.

The fund’s strategy aligns with the broader shift in development finance towards sustainable, private-sector-driven models that move beyond traditional donor funding.

As the THF grows, it plans to invest in more health-tech startups and healthcare delivery models that can improve access to care across Africa.

With its successful closing and strategic investments, the fund is well-positioned to foster long-term improvements in the continent’s healthcare systems and support the growth of its emerging health-tech sector.

This new capital injection follows an initial close of $40 million in April 2023, aimed at bridging the persistent funding gap for climate tech startups, particularly those in the seed and Series A stages across sub-Saharan Africa.

A key component of the final investment is a $1.5 million guarantee provided by the Korea Green Resilient and Innovative Development (K-GRID) Programme.

Farid Fezoua, IFC’s Global Director for Disruptive Technologies, Services, and Funds, expressed enthusiasm about the potential of climate tech in Africa.

He noted that businesses in this sector are not only contributing to economic growth but also helping to reduce emissions and resource consumption.

“IFC’s investment in Equator Africa reflects our commitment to supporting these businesses to deliver solutions, from renewable energy to electric vehicles,” he said.

Equator Africa focuses on early-stage, tech-enabled companies in sub-Saharan Africa, with a particular interest in sectors such as green energy, agriculture, and mobility.

While its primary focus is on Kenya and Nigeria, the fund has also made investments in companies operating in Côte d’Ivoire, Ghana, Madagascar, Senegal, Sierra Leone, South Africa, and Zambia.

Among the six companies that have already received funding from Equator Africa are SunCulture, a Kenyan company providing solar-powered energy and irrigation systems for farmers, and Roam, a company that designs and manufactures electric motorcycles and buses.

Additionally, Odyssey, a platform specializing in investment and asset management for distributed renewable energy infrastructure, has also benefitted from the fund.