Dubai-based Emerging Markets Property Group (EPMG) has acquired Mubawab, a Moroccan tech startup, for an undisclosed amount.
Founded in 2010 by Toni Puig and Kevin Gormand, Mubawab has registered a commendable growth over the past few years. Between 2015 and 2016, the company grew by 40%, whereas the corresponding figure between 2016 and 2017 stood at 50%. And now, beating all previous records, the first five months of 2018 witnessed Mubawab growing at a rate of 85% compared to the same period in 2017. As for EPMG, it is the parent company of the leading real estate brand Bayut.
According to Mubawab Co-Founder and CEO Kevin Gormand, EPMG’s decision to acquire the tech firm was driven by its high growth-rate and future potential. “This is a key reason why EMPG have invested, combined to the fact that the competitors we have here had much more funding than us and couldn’t get similar growth in revenues or traffic,” he said.
As per the acquisition deal, both Mubawab Co-Founders will remain in charge of the company. “We stay on board, and our plan is to grow Mubawab to where we’ve always wanted to. We still have a lot to do here, and with more fundings, the future is bright and exciting,” Kevin added.