MOROCCO – Mubawab, Morocco-based real estate portal, has received a US$10 million cash injection from parent company Emerging Markets Property Group (EMPG) to accelerate its expansion in the Maghreb region and develop its technology.
The company secured US$7 million in funding from the UAE-based real estate-focused firm Emerging Markets Property Group (EMPG) last January and has now taken on another US$10 million from the same source to speed its growth.
The startup has had a strong past year and is now expected to add 200 new employees and develop an in-house research and development department.
“Real estate still has a lot to give in the Maghreb region and technology is our strong link in this high potential market.”Kevin Gormand – co-founder and CEO, Mubawab
Founded in 2011 by Kevin Gormand and Toni Puig, Mubawab allows its users to buy, sell and rent properties in Morocco and Tunisia. Back in 2018, it was acquired by EMPG which also owns UAE-based Bayut and Pakistan-based Zameen.
“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 the Maghreb,” said Haider Ali Khan, CEO of the EMPG MENA Group.
“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.”
Mubawab is expected to hire 200 new employees and develop an inhouse research and development department to increase efficiency and respond to growing market demand for innovative solutions in the real estate sector.
“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,” said Kevin Gormand, co-founder and CEO of Mubawab.
“Our backing from the EMPG group provides us with financial security, additional real estate expertise and a long-term strategic partnership.”
As it takes a further step in its 2021-23 vision, the digital platform intends to develop new activities specializing in real estate in the Maghreb, invest in research and development, and also recruit about 200 new employees.
The Maghreb represents a high potential market for Mubawab. In addition to betting on technology to accelerate its development in this region, the company will benefit from the additional real estate expertise and long-term strategic partnership of its parent company.
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