Grocery delivery app Rabbit raises USD 11 mn pre-seed round
Summary
Grocery delivery startup Rabbit has raised USD 11 mn in a pre-seed VC funding round, according to a company statement (pdf). Short for Rabbitmart, the app only launched in mid-October, just four months after the idea was conceived by Ahmad Yousry, Walid Shabana, Ismail Hafez and Tarek El Geresy. The on-demand grocery market is accelerating: Among Rabbit’s competition in the ultra-fast delivery sector is Breadfast, which last week secured USD 26 mn in funding in a series A round. Breadfast currently offers an on-demand service within the hour and is also targeting bringing delivery windows down to 20 minutes. Bigger regional players Instashop and Talabat have also been vying for market share in the sector, which boomed worldwide on the back of the pandemic.