Mubawab, a real tech startup based in Casablanca just got acquired by Dubai’s Emerging Markets Property Group (EMPG) for an undisclosed amount.
The startup was founded back in 2010 by Kevin Gormand and Toni Puig and has witnessed a significant growth of 40% between 2015 to 2016, and 50% between 2016 to 2017. According to startup, the first five months of 2018 reached a growth rate of 85% as compared to the same period last year.
Kevin Gormand, Founder & CEO of Mubawab stated that this growth was one of the driving reasons for EMPG’s acquisition. “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.
The two founders, Kevin and Toni will remain on board and run Mubawab. According to Mubawab’s team, they feel that EMPG completely understand the business especially since they operate on other real estate portals around the region, which include Bayut in UAE, Zameen in Pakistan and BProperty in Bangladesh.
“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 concludes.
EMPG is the parent company of the real estate Bayut, which has established itself in the UAE over the year. It currently operates in the seven emirates and has a database of over 95 k listings.