Mubawab, a Moroccan real estate portal startup just received a $10 million cash investment from a real estate company Emerging Markets Property Group (EMPG) to fuel its expansion across the Maghreb region while developing its technology.
Mubawab was founded in 2011 by Toni Puig and Kevin Gormand. Users can buy, sell and rent out their properties across Tunisia and Morocco. In 2018, Mubawab was acquired by EMPG which partly owns Bayut based in the UAE and Zameen in Pakistan.
Mubawab attracted a $7 million investment in January 2020. Kevin Gormand, the CEO and co-founder of Mubawab, pointed out the adoption of technology to real estate in the Maghreb region as their “strong link” in the market. The backing provides them with real estate experience, financial security, and strategic partnerships.
The new investment should see the company hire 200 employees and develop an in-house R&D department to increase efficiency and respond to rising market demand for innovative solutions.