Mubawab, a real estate platform based in Morocco, has received $10 million in funding from the Emerging Markets Property Group (EMPG), its parent company.
Mubawab, which was founded in 2011 by Kevin Gormand and Toni Puig, allows users to utilise its platform to buy, sell, and rent properties in Morocco and Tunisia. It has been shared that the platform has two million visits to its site per month and 150,000 properties listed.
In May 2018, it was acquired by EMPG who also owns Bayut, based in the UAE and Pakistan’s Zameen. The funding follows a $7 million investment also from EMPG in January 2020.
Haider Ali Khan, CEO of EMPG commented, “Mubawab’s leadership and vision in supporting real estate professionals to meet demand, confirms our choice to invest in Mubawab to consolidate its position as a major and essential real estate player in North Africa. This expertise is the strength of Mubawab, which experienced a performance rebound in the last quarter of 2020 and sets it apart from other real estate players.”
Kevin Gormand, Co-Founder and CEO of Mubawab said, “Gaining the confidence of investors is a guarantee of credibility on the market and towards our clients. Real estate still has a lot to give in the Maghreb region and technology is our strong link in this high potential market. Our backing from the EMPG group provides us with financial security, additional real estate expertise, and a long-term strategic partnership.”
The new funds will help to accelerate its expansion in the North African region and develop its technology as a response to the demand for innovative tech solutions in the industry. Mubawab is also planning on hiring 200 new employees.
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