RABBIT raises $11 Million seed round

Rabbit today announced closing a new round of seed funding with $11 million, in the largest pre-seed round in the MENA region. The founding round was led by a group of international investors: Goodwater Capital, MSA Capital, Founders Capital, وFoundation Ventures, and Raed Ventures.

Ahmad Yousry, Walid Shabana, Ismail Hafez and Tarek El Geresy founded Rabbit in October 2021, as a fast-on-demand delivery company, delivering groceries, cosmetics and electronics in less than 20 minutes.

"We're building a business fast, and it's clear in how we work. We measure things in seconds, because eventually we don't just work in retail, we're fighting time. We're working hard to ensure you save time, to complete a lot of tasks on your day, " Ahmed Yousry, CEO of Rabbit.

“The Rabbit team sets a completely new standard for the grocery industry in Egypt and the wider region. They offer a whole new experience for customers compared to traditional grocery stores and local stores, "said Lorenzo Franzi, an investor in Global Foods Capital. “We've been following their progress ever since and we're very excited to support their journey” added Lrenzo.

Talal Al - Asmari, the founding partner of Read Ventures, said: "In Read Ventures, we are always looking for global founders who have the potential to be leaders in their industry, and we believe that the founders of Rabbit, with an ambitious vision and vast experience, have the ability to lead in high-speed delivery, not only in Egypt but in the region as a whole."

"While delivery in 20 minutes on the busy streets of Cairo seems like magic, it became possible by the recorded technology that Rabbit built," says Walid Shabana, chief technology officer at Rabbit.

“You can buy a product in seconds, and get it in a matter of minutes, through our industry-leading technology that supports direct inventory management, selection, quick packing, operations and point-to-point improved delivery that come together to ensure that your order arrives on time," added Shabana.

Rabbit currently serves in four locations in central Cairo: Mohandseen, Zamalek, Maadi and Nasr City, and plans to expand the coverage areas soon. It also plans to cover several major cities in the next 12 months, and expects to process hundreds of thousands of applications per month.