TLcom Capital Closes $154 Million Fund for Early-Stage African Startups
TLcom Capital, a leading African venture capital firm, announced the final close of its second fund, TIDE Africa Fund II, at $154 million.
April 22, 2024
New Investments
Egyptian Quick Commerce Startup Rabbit Raises Undisclosed Funding For Expansion
Rabbit, a fast-growing quick commerce startup from Egypt, has officially entered the Saudi Arabian market and opened its regional headquarters in Riyadh.
The company also announced fresh funding from leading investors, though the total amount remains undisclosed.
Launched in 2021 by Ahmed Yousry, Walid Shabana, Ismail Hafezz, and Tarek El Geresy, Rabbit specializes in rapid delivery of groceries and everyday items through a tech-enabled network of dark stores—mini warehouses located within neighborhoods. The company promises delivery times as fast as 20 minutes.
To support its growth, Rabbit secured funding from prominent regional firms including Lorax Capital Partners, Global Ventures, Raed Ventures, and Beltone Venture Capital.
They join existing backers such as Global Founders Capital, Goodwater Capital, Hub71, Simple Capital, and Foundation Ventures.
In its expansion to Saudi Arabia, Rabbit plans to deliver 20 million items across major cities by 2026.
Operations have already begun in Riyadh through a series of local fulfillment centers positioned to ensure fast and efficient service.
“We’re proud to bring our innovative service to Saudi Arabia,” said co-founder Ahmed Yousry. “Rabbit Saudi is being built with local talent to meet the unique needs of Saudi families, delivering favorite products in just 20 minutes.”
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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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