Following the approval of its license to operate in Saudi Arabia, Egypt-based quick commerce (q-commerce) platform Rabbit intends to invest $60 million in the kingdom over the next two years.
The company, which raised $11 million in its pre-seed financing round last year, has stated that its activities in the kingdom will create 700 jobs.
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 that uses a dark store model to deliver “groceries and more” in 20 minutes. Its pre-seed funding round in November was the largest in the MENA region.
