Grocery delivery app Rabbit raises USD 11 mn pre-seed round
Grocery delivery startup Rabbit has raised USD 11 mn in a pre-seed VC funding round, according to a company statement (pdf). Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital and Goodwater Capital all participated in the round, which the Cairo-based company says is the largest-ever pre-seed round in the Middle East and Africa.
Never heard of Rabbit? Short for Rabbitmart, the app only launched in mid-October, just four months after the idea was conceived by Ahmad Yousry, Walid Shabana, Ismail Hafez and Tarek El Geresy. Rabbit guarantees delivery in 20 minutes or less, a promise that makes it one of the more ambitious players in our growing on-demand delivery market that includes the likes of Appetito and Goodsmart. The company currently operates in Mohandeseen, Zamalek, Maadi and Nasr City.
What’s next? Rabbit is planning an expansion push into further Cairo areas “soon” and several additional cities within the next year. The firm is targeting processing orders numbering in the six figures monthly.
The on-demand grocery market is accelerating: Among Rabbit’s competition in the ultra-fast delivery sector is Breadfast, which last week secured USD 26 mn in funding in a series A round. Breadfast currently offers an on-demand service within the hour and is also targeting bringing delivery windows down to 20 minutes. Bigger regional players Instashop and Talabat have also been vying for market share in the sector, which boomed worldwide on the back of the pandemic.