The Egyptian E-grocery platform Rabbit has successfully secured $11M in its Pre-Seed round. The deal was led by Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital, and Goodwater Capital.
Rabbit is an on-demand quick commerce company delivering groceries, cosmetics, electronics, and more under 20 minutes. It was launched in October 2021 by Ahmed Yousry, Walid Shabana, Ismail Hafezz, and Tarek El Geresy.
The six-month-old startup is currently running four locations in central Cairo: Mohandeseen, Zamalek, Maadi, and Nasr City. It plans to expand it’s coverage into several major cities in the next 12 months and expects to be processing hundreds of thousands of orders per month.
In addition, it plans to add a new fulfillment center every other week till the end of the year to cover a lot of major cities in the next 12 months.\
Rabbit has developed a huge geographical coverage by adopting hybrid delivery models built around hyper- localized fulfillment centers and a growing third-party supplier network.
Rabbit’s short-time delivery (20 minutes) allowed the Cairo-based startup to develop a customer-driven approach in their product offering as Co-founder Ahmad Yousry elaborated “Whatever the consumer wants under 20 minutes, we’re going to let the market dictate what we sell. We’re not limiting ourselves as a grocery player.”
Rabbit has developed its operations to operate the entire end-to-end experience on its platform. With a live inventory tracking system in its warehouses, the Cairo-based startup creates swift and self-sufficient delivery processes equipping riders — some employed, some self-employed — with the necessary protective gear and technology to make timely deliveries.
The Co-founder Ahmad Yousry highlighted “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.”
Talal Alasmari, founding partner of Raed Ventures concluded “At Raed, we always look for world-class founders who have the capacity to be leaders in their industry. 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.”
Source: https://adigitalboom.com/egyptian-e-grocery-rabbit-raises-11m-in-pre-seed/