ⓘ Featured image: A file-photo of Mubawab founder Kevin Gormand; Source: Twitter
▸ Mubawab is a Casablanca, Morocco-based real-estate platform
▸ Emerging Markets Property Group (EMPG) acquired Mubawab in May 2018
▸ Mubawab is planning to deploy the funds to expand its team, accelerate growth and operations
The Casablanca-based real estate platform Mubawab was founded in 2012 by Kevin Gormand. The platform was acquired by EMPG back in May 2018 that has injected $7 million in the real estate platform in a corporate round last week.
According to Crunchbase, since its launch in 2012 Mubawab has raised over $7.9 million, including this latest round and a seed round of $850,000 from Madrid, Spain-based ENISA in 2012.
As reported by Wamda last week, Mubawab is planning to utilise the fresh funds to expand its team and enhance operations to accelerate its growth.
Mubawab helps connect real estate property buyers and sellers. The real estate player claims to have over 2 million monthly visits, over 800 partners and over 150,000 property listings.
In June last year, Mubawab acquired Jumia’s property portal Jumia House in Morocco, Tunisia, Algeria, Qatar, Bahrain and Oman last year in June.
As reported by Wamda, commenting over the investment round, Gormand said…
“I am proud of the group’s confidence in the project in Morocco in particular and in the Maghreb region in general. Mubawab is the first real estate website in Morocco thanks to a winning strategy that aims to support and satisfy all the involved parties in the Moroccoan real estate sector,”
“The work that we have been doing for years, through the implementation of strategic and ambitious projects, has added a lot to the entire real estate sector. In the future, we will continue the innovation cycle that aims to develop the sector,” Gormand added