Finance

Egypt’s Rabbit raises $11mln a month after its launch

Wednesday, 10 November 2021 17:13
Egypt’s Rabbit raises $11mln a month after its launch

(Ecofin Agency) - Egyptian delivery startup Rabbit announced it has raised $11 million in pre-seed financing. The company co-founded by Walid Shabana, Ismail Hafez and Tarek El Geresy secured its first financing round just a month after its launch. The money was gathered from international investors including Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital, and Goodwater Capital.

Rabbit plans to "cover several major cities in the next 12 months" in addition to its four distribution centers in Cairo. Under this plan, the company will strengthen its staff to meet growing demand. From currently about 50 orders in a day, Rabbit plans to handle "hundreds of thousands of orders per month" in the medium term.

"We have followed Rabbit's progress from the beginning, and are excited to support their journey. The Rabbit team is setting a new standard for the grocery industry in Egypt and the region," said Lorenzo Franzi, Partner at Global Founders Capital, one of the investment firms that backed the Egyptian startup.

According to the company, on-demand delivery services have evolved significantly in Egypt, affecting almost every industry. Many companies operating in the home delivery sector are now attracting investors. An example is the food delivery company Breadfast, which recently raised $26 million to strengthen its business.

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