Morocco-based real estate portal Mubawab has received a $10 million cash injection from parent company Emerging Markets Property Group (EMPG) to accelerate its expansion in the Maghreb region and develop its technology.
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.
The investment follows a strong performance over this past year according to a release issued by Mubawab and follows a $7 million cash injection in January 2020.
"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. 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," said Haider Ali Khan, CEO of the EMPG MENA Group.
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. Our backing from the EMPG group provides us with financial security, additional real estate expertise and a long-term strategic partnership,” said Kevin Gormand, co-founder and CEO of Mubawab.