• Egypt-based quick commerce (q-commerce) startup Rabbit, has announced it is planning to invest $60 million in Saudi Arabia over the next two years after obtaining a license to operate in the kingdom.
• Founded in 2021 by Ahmed Yousry, Walid Shabana, Ismail Hafezz, and Tarek El Geresy, Rabbit promises delivery of groceries and other consumables in 20 minutes. It claims to have delivered more than 100,000 orders to its consumers in Egypt since its launch.
• In late 2021, Rabbit raised $11 million in a pre-Seed funding round. 

Source: Zawya

Egypt-based quick commerce (q-commerce) platform Rabbit expects to invest $60 million in Saudi Arabia in the next two years following the granting of its licence to operate in the kingdom.

The company, which raised $11 million for its pre-seed funding round last year, said it will create 700 jobs in its operations in the kingdom. 

Rabbit said it has delivered more than 100,000 items to customers in Egypt.

Ahmad Yousry, co-founder and CEO of Rabbit said: “Saudi Arabia has created one of the most progressive startup ecosystems globally thanks to the outstanding efforts by the government in recent years.

“This kind of opportunity and infrastructure come together to unlock limitless potential for innovative companies like Rabbit.”

Rabbit is a mobile app-based company which pledges to deliver “groceries and more” in 20 minutes using a dark store model. Its pre-seed funding round in November was the largest in the MENA region.