Mubawab raises $850k in funding
MENA web classified portal provider gets angel investment
MENA-region web classified portal provider Mubawab has raised $850,000 in funding to further develop its online services.
The Spain-based company says that leading Spanish web consortium Grupo Intercom, and several unnamed international angel investors, had invested in Mubawab to help with growing its business.
Mubawab currently operates local classified portals for 17 countries in the Middle East and North Africa, and has just reached a milestone of 600,000 unique visitors per month.
The company launched its services 14 months ago, and now attracts several thousand user-posted classified ads per day.
Kevin Gormand, Mubawab CEO, commented: "We're delighted to have the backing of such esteemed investors, and the team is totally committed to building Mubawab into a household brand across the region in the coming months."
Shadi el-Hajj, Mubawab CTO, said that there are still challenges to e-commerce in the region: "The Arab online market is still young but with the popularity of social networking and mobile telephony, it's maturing faster than the underlying economic infrastructure. For example, many countries in the region don't have reliable street addresses but yet demand for location-based services is emerging. This often creates the need to really think outside the box with the technical solutions we go for."