Rabbit has announced a new round of pre-seed funding of $11 million—a record high for the Middle East & Africa regions. Participants from the international investor base include Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital and Goodwater Capital.
Promising “groceries and more in under 20 minutes”, Rabbit is setting sail to transform the future of retail. Running on tech-enabled, hyper-local fulfilment centres, they are able to give consumers peace of mind, knowing what they order will never be out-of-stock and guaranteeing it arrives in under 20 minutes.
“The Rabbit team is setting a totally new standard for the grocery industry in Egypt and the broader region. They offer a totally new experience to customers compared to traditional grocers and local stores.” Lorenzo Franzi, an investor at Global Founders Capital, said. “We have been following their progress since the very beginning and are very excited to be supporting their journey.”
Rabbit is currently serving four locations in central Cairo: Mohandeseen, Zamalek, Maadi and Nasr City, with plans to expand areas of coverage soon. Rabbit plans to cover several major cities in the next 12 months, and expects to be processing hundreds of thousands of orders per month.
