Mubawab a Moroccan-based prop-tech startup has recently received a cash injection of US$10 million to speed up its expansion and develop its technology in the Maghreb region of the country.
Launched in 2010 by Kevin Gormand who doubles as the Chief Executive Officer (CEO), the startup enables house merchants and owners to display their properties present in Morocco and Tunisia.
According to Kevin, the startup’s site gets two million monthly visits with 150,000 properties listed.
Mubawab raised US$7 million in funding in January 2020 from the UAE-based real estate-focused firm Emerging Markets Property Group (EMPG) and has recently added US$10 million from the same EMPG to boost its technology and speed up growth.
According to the founder, the prop-tech company has seen strong growth in previous years and is set to add close to 200 new employees to the company, while it develops an in-house research and development department.
In the words of the founder, “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 provides us with financial security, additional real estate expertise and a long-term strategic partnership,”
CEO of EMPG, Haider Ali Khan acknowledged Mubawab’s vision in creating support for supporting real estate professionals.
Haider reiterated its choice of investment in the Moroccan-based prop-tech startup, stating that the investment in Mubawab will position it as a significant real estate stakeholder in the Maghreb region.
“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,” Haider added
Overview of Mubawab
Mubawab is a real estate classifieds website, which is free to use. According to its website, the prop-tech startup works hard to offer the highest quality, most reliable ads when users want to buy or sell.
Mubawab was launched in July 2010, with the aim of offering a modern, practical real estate classifieds website for the Arabic community.
The startup aims to become the top real estate classifieds website in all Arabic countries, keeping things local and user friendly.
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