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.