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Egypt’s e-grocery Rabbit raises $11 million pre-seed round

Wamda

Press release:

Today, Rabbit is proud to announce 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 you “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, we are able to give our consumers peace of mind, knowing what they order will never be out-of-stock and guaranteeing it arrives in under 20 minutes.

Consumer expectations have evolved significantly over the past two decades. On-demand has taken over the music, media and transportation industries and we believe that on-demand retail is next. We are building a business with speed as a core part of the DNA, which is evident in how we operate and work. We measure things by seconds because ultimately, we are not in the business of retail or convenience, we are in the business of time. We work hard to ensure we save you time to do more with your day.

Our investor group are energised by Rabbit’s enormous growth potential.  

“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.”

“At Raed, we always look for world-class founders who have the capacity to be leaders in their industry,”  Talal Alasmari, founding partner of Raed Ventures, said. “We believe that the founders of Rabbit, with their ambitious vision and extensive experience, possess the ability to lead in the Ultra-fast delivery domain, not only in Egypt but in the region as a whole.”

While delivering in 20 minutes in the busy streets of Cairo seem like magic, it is only made possible through the proprietary tech built by Rabbit.

“With Rabbit, you can buy a product in seconds, and get it in minutes. The simplicity of the promise is made possible through our industry-leading tech that powers live inventory management, blazing-fast pick and pack operations and optimised point to point delivery that comes together to ensure your order arrives on time, every time,” explains Walid Shabana, Rabbit’s Chief Technology Officer.

It took us just 130 days from idea to first order. We have been live since mid-October. We know that our customers absolutely love to get their everyday shopping done in 20 minutes. Our relentless focus on creating an unprecedented magical customer experience is what brings every Rabbit to work every day.

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.

Today, I am incredibly proud to share this key milestone with our customers, alongside my co-founders: Walid Shabana, Ismail Hafez, and Tarek El Geresy. We are committed to delivering on our promise to get you what you need, in 20 minutes or less.

November 10th 2021, 6:40 pm
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