Mubawab, the leading real estate site in Morocco, has bought Rocket Internet-backed Jumia House verticals in three North African markets: Morocco, Tunisia, and Algeria. Financial terms have not been disclosed. All three sites already redirect to Mubawab.
“We are excited to build on our recent success and experience in Morocco, to provide an expanded platform, maximizing consumer’s reach and client exposure whilst delivering personalized and local support to our customers” Mubawab co-founder and GM Kevin Gormand said.
Jumia co-founder and co-CEO Sacha Poignonnec was positive about the deal. He said the sale will help Jumia focus on its other businesses. “This transaction allows us to focus on our core marketplace of physical goods and digital services, while expanding the reach of our payment operations JumiaPay, and logistics business, Jumia Logistics.”
Rocket Internet has launched several verticals since landing in Africa about seven years ago. They include recruitment site EverJobs, auto vertical Carmudi, and property site Lamudi, now Jumia House. Unfortunately, it has often shut down or sold these properties across the several countries they operate in.
Jumia House is ranked as one of the top four property verticals not only in Morocco but also in Tunisia as well as in Algeria. Its acquisition consolidates Mubawab’s position as the region’s leading real estate site with more than 90 million customers.
Mubaweb is owned by Dubai-based Emerging Market Property Group (EMPG). EMPG has acquired a number of Rocket’s business over the last year including Lamudi in Bangladesh, UAE, Jordan, and Saudi Arabia. Fueled by its recent $100 million Series D funding, the group has been on a shopping spree acquiring different smaller competitors across the Middle East and North Africa in a bid to own a significant chunk of the market.
Mubawab was founded by Kevin Gormand and Toni Puig in 2011. The start-up has since grown into a household name in the region. It’s successfully executed TV campaigns since 2015 and is steadily generating revenue.
Emerging Markets Property Group (EMPG), the parent company of UAE real estate portal Bayut.com, acquired Mubawab for an undisclosed sum in May 2018. The group said it will be injecting “a substantial amount of funds and expertise” into Mubawab, with the aim of growing the company exponentially.