Coming via its parent company, EMPG, the funding follows a $7 million cash injection in January, 2020 and positions Mubawab for its ambitious growth plans.
Moroccan real estate portal, Mubawab, is poised for expansion across the Maghreb region, after receiving a whopping $10 million cash injection from its Dubai-based parent company, Emerging Markets Property Group (EMPG).
Founded in 2011 by Kevin Gormand and Toni Puig, Mubawab was acquired by EMPG in 2018, adding another real estate company to a portfolio that also includes UAE's Bayut and Pakistan's Zameen. Mubawab currently allows users to buy, sell and rent properties in Morocco and Tunisia, though this cash injection will be channelled primarily into further expansion as well while hiring 200 new employees and establishing an in-house research and development department that it hopes can increase the portal's efficiency and accelerator innovative solutions for the real estate sector.
The cash injection follows a January, 2020 cash injection of $7 million and comes as a huge vote of confidence for Gorman and Puig.
“Gaining the confidence of investors is a guarantee of credibility on the market and towards our clients,” said Gorman, who also serves as Mubawab’s CEO. “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.”
Learn more about Mubawab here.