Moroccan real estate portal, Mubawab has received a $10 million injection from its Dubai-based parent company, Emerging Markets Property Group. This follows another $7 million cash injection in January , 2020 positioning the company for its ambitious growth plans.
The startup was founded in 2011 by Kevin Gormand and Toni Puig, and was acquired by EMPG in 2018.
The portal allows users to buy, sell and rent properties in Morocco and Tunisia and with the new cash injection, they will further expand as well as hire new employees and establish an in-house research and development department.
“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,” Gormand said.
Haider Ali Khan, CEO of the EMPG, said Mubawab’s leadership and vision in supporting real estate professionals to meet demand confirmed its choice to invest in Mubawab to consolidate its position as a major and essential real estate player in the Maghreb.
“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,” he said.