Morocco: Morocco-based real estate portal Mubawab has received a US$10 million cash injection to accelerate its expansion in the Maghreb region and develop its technology.
Founded in 2011 by current chief executive officer (CEO) Kevin Gormand, Mubawab allows sellers and landlords to advertise their properties in Morocco and Tunisia, and has two million visits to its site per month and 150,000 properties listed.
The company secured US$7 million in funding from the UAE-based real estate-focused firm Emerging Markets Property Group (EMPG) last January, and has now taken on another US$10 million from the same source to speed its growth. The startup has had a strong past year, and is now expected to add 200 new employees and develop 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.