Mubawab, a real estate site in Morocco, created in 2010 has raised another $7 million in funding led by the EMPG Group for expansion.
Mubawab will use the funding to accelerate its development by expanding its teams and continuing to revolutionize the real estate sector in the Maghreb region.
The $7 million follows its first major fundraising in 2018 and the acquisition of Jumia House Maghreb in June 2019.
Kevin Gormand, Co-Founder and Managing Director of Mubawab, said,“It is with great enthusiasm and real optimism that we are approaching 2020. We will continue to work, with the support of our customers, our teams and our partners, to transform the real estate market by helping to reconnect on the one hand, with growth for professionals and on the other hand, with confidence for individuals. ”
Over the years, the digital platform has become the benchmark in the national real estate sector. The start-up has now passed to the status of scale-up and has experienced growing development for several years, both in terms of geographic expansion and in terms of turnover.
Mubawab has announced a + 140% increase in turnover for 2019 and plans a + 150% increase for 2020. the company now has nearly 200 employees in Morocco, Tunisia and Spain and plans to recruit 100 new employees by the end 2020.
Finally, Mubawab has recently reached its thousandth customer and the mark of 2 million visits per month.
After the success of the first Mubawab Guide to Real Estate unveiled last semester, the platform reveals its second edition of the Guide to offer a sharp and detailed analysis of the Moroccan real estate market.
With a number of announcements having almost tripled in the second half of 2019, the base of the study naturally widened and thus generated even more relevant results, accurately reflecting the global real estate market.
The emerging trends are beneficial to the entire real estate ecosystem and will help guide the strategies of real estate professionals to match supply and demand, a priority Mubawab has set itself.
With a client portfolio of more than 1,000 partners and more than 150,000 active ads, the portal is a safe bet for Moroccan real estate agencies and developers who receive nearly 300,000 qualified contacts per month. Mubawab is today the undisputed leader of real estate portals in Morocco.