Cairo-based 20-minute grocery delivery startup Rabbit has raised USD 11 million in the largest ever pre-seed round of the Middle East and Africa, the company announced in a statement. The investment came from Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital, and Goodwater Capital.
Founded earlier this year by Ahmad Yousry, Walid Shabana, Ismail Hafez, and Tarek El Geresy, Rabbit is building a network of tech-enabled dark stores in Cairo to offer “groceries and more” deliveries in 20 minutes. Users can place orders through the company’s mobile app.
In Egypt, Breadfast launched its 20-minute grocery delivery service last week. Talabat has also been offering an express 30-minute grocery delivery service named Talabat Mart for a few months now. Rabbit, however, is the first player to build its business around the promise of 20-minute groceries delivery.
“Consumer expectations have evolved significantly over the past two decades. On-demand has taken over the music, media, and transportation industries. We believe that on-demand retail is next,” said Ahmed Yousry, co-founder and CEO of Rabbit.
“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 your time to do more with your day,” he added.
Prior to starting Rabbit, Yousry led Talabat Mart in Egypt. He also worked for Uber Egypt and for the Uber Eats division.
Lorenzo Franzi, an investor at Global Founders Capital, said, “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 for customers compared to traditional grocers and local stores. 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. 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,” said Talal Alasmari, founding partner of Raed Ventures.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.