Moroccan prop-tech startup Mubawab, which has developed an online platform for buying and renting real estate, has raised US$7 million in funding to accelerate its growth.
Founded in 2012 by current chief executive officer (CEO) Kevin Gormand, Mubawab allows sellers and landlords to advertise their properties, and has two million visits to its site per month and 150,000 properties listed.
To further accelerate its already-impressive growth, and grow its team, the startup has now secured US$7 million in funding from the UAE-based real estate-focused firm Emerging Markets Property Group (EMPG).
“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 Moroccan real estate sector,” said Gormand.
“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.”