MSA Capital is increasingly expanding its presence in Egypt. After previously investing in Egyptian startups Homzmart, SWVL, Flextock, Nowpay, Cassbana, and Capiter, the China-based venture capital firm is part of the latest $11m pre-seed investment in Cairo-based 20-minute grocery delivery startup, Rabbit. The pre-seed, which is the largest ever in the whole of the Middle East and Africa, also saw Global Founders Capital, Foundation Ventures, Raed Ventures, and Goodwater Capital participating.
“Consumer expectations have evolved significantly over the past 2 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. We work hard to ensure we save you time to do more with your day,” Ahmed Yousry, co-founder and CEO of Rabbit, said.
Why The Investors Invested
“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 to 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,” Lorenzo Franzi, investor at Global Founders Capital, said.
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“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,” Talal Alasmari, Founding Partner of Raed Ventures, said.
A Look At What Rabbit Does
Rabbit, founded by Ahmad Yousry, Walid Shabana, Ismail Hafez, and Tarek El Geresy earlier this year, is establishing a network of tech-enabled dark stores in Cairo to provide ‘groceries and more’ in 20 minutes via its smartphone app. The Turkish firm Getir pioneered the quick grocery delivery trend, which has gained traction in the United States and Europe, with emerging nations catching up.
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Last week, Breadfast began its 20-minute grocery delivery service, and Talabat has been delivering a 30-minute rapid grocery delivery service for a few months. Rabbit, on the other hand, is the first prominent player to develop its business from the ground up around the promise of 20-minute grocery delivery.
He was the leader of Talabat Mart in Egypt before founding Rabbit. He also spent over two years with Uber Egypt, where he most recently oversaw Uber Eats in the nation.
“With Rabbit, you can buy a product in seconds, and get it in minutes. The simplicity of the promise is made possible through our industry-leading tech that powers live inventory management, blazing-fast pick and pack operations and optimised point to point delivery that comes together to ensure your order arrives on time, every time,” Walid Shabana, Rabbit’s Chief Technology Officer, said.
“Today, I am incredibly proud to share this key milestone with our customers, alongside my co-founders: Walid Shabana, Ismail Hafez, and Tarek El Geresy. We are committed to delivering on our promise to get you what you need, in 20 minutes or less,” Shabana added.
20 minute delivery Rabbit 20 minute delivery Rabbit
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write