Egyptian quick commerce (q-commerce) startup Rabbit has secured an undisclosed amount of funding from prominent regional investors and launched its services in Saudi Arabia by establishing a regional headquarters in Riyadh. The funding round includes investments from Lorax Capital Partners, Global Ventures, Raed Ventures, Beltone Venture Capital, and existing backers such as Global Founders Capital, Goodwater Capital, Hub71, Simple Capital, and Foundation Ventures.
Founded in 2021 by Ahmed Yousry, Walid Shabana, Ismail Hafezz, and Tarek El Geresy, Rabbit is a tech-driven, hyperlocal e-commerce company that specializes in delivering groceries and more in as little as 20 minutes via a network of “dark stores” or fulfillment centers.
Rabbit’s Saudi market entry includes a goal of delivering 20 million items to major cities across the Kingdom by 2026. The company has already set up a network of strategically located dark stores in Riyadh, expanding its reach and providing customers with quick access to local products, especially popular local favorites.
“We are excited to announce Rabbit’s expansion into the Kingdom. As a hyperlocal company, we bring cutting-edge technology and experience to revolutionize the grocery shopping experience for Saudi households, delivering top-quality products in just 20 minutes,” said Yousry, emphasizing that Rabbit Saudi is being built by Saudis, for Saudis.
