Mubawab, the Morocco-based online real estate platform has received a fresh cash injection worth $10 million from its parent company Emerging Markets Property Group (EPMG). The new capital has been allocated to the portal to help expedite its growth in the Maghreb region.
Additionally, a part of the $10M will also go to its R&D efforts, Mubawab said. Over the coming months, the company is expected to hire around 200 additional employees to accelerate its R&D roadmap.
Launched in 2011 by co-founders Toni Puig and Kevin Gormand, Mubawab is a website dedicated to giving real estate buyers, sellers, and agents a platform to conduct their business in a safe and efficient manner.
Initially, the platform was primarily focused on the Moroccan and Tunisian markets. Mubawab was acquired by EPMG in 2018.
The company has stated that the capital injection has happened following its impressive annual performance in 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.
Prior to this, Mubawab had another cash injection worth $7 million in January 2020.