Mubawab, a Morocco-based real estate platform, has raised $7 million in funding from Emerging Markets Property Group (EMPG), a UAE-based real estate group.
Founded in 2012, Mubawab currently operates in over 20 cities in Morocco. The platform connects people looking for real estate with professionals in the industry. According to the website, they receive over two million visits to their site per month and have more than 150,000 active advertisements.
The CEO and Founder of Mubawab, Kevin Gormand, revealed that through the implementation of strategic and ambitious projects, a lot has been added to the entire real estate sector. Furthermore, he believes that in the future, they will continue the innovation cycle that aims to develop the sector.
“I am proud of the group’s confidence in the project in Morocco in particular and in the Maghreb region in general. Mubawab is the first real estate website in Morocco thanks to a winning strategy that aims to support and satisfy all the involved parties in the Moroccan real estate sector.”
With the investment, the startup aims to use the funds to accelerate its growth, expand its team, as well as its operations in the real estate sector.
In 2019, Mubawab acquired Jumia House, a regional real estate platform operating in Morocco, Tunisia and Algeria. The acquisition aims to help the platform grow and become the leading real estate platform in MENA.
Mubawab’s transactions have increased by 140% in 2019, and forecast to increase by a further 150% in 2020, which has led to the company’s expansion in Tunisia and Spain.
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