Back to the complete issue
Thursday, 11 November 2021

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.