Classifieds Portal Mubawab Receives $850,000 in funding, hits 600k uniques
Mubawab , operating 17 local country websites across the Middle East and North Africa, announced today that it has received $850,000 in funding from Grupo Intercom, One of Spain’s l Web consortium, as well as from international business angels, to further develop classifieds portal for the Arab region. Well-known Web brands emerging from Spain that Grupo Intercom has previously backed include Softonic, eMagister, InfoJobs and BuyVIP.
Mubawab’s aim is to make it easier for people across the Middle East and North Africa to find everyday things online – from real estate to cars, jobs and household items.
The company also announced today that it is now serving 600,000 visitors per month and generating several thousand user-posted classified ads each day – after just 14 months of company operations. Mubawab’s content comes from users, as well as through feeds and partnerships with local businesses and portals.
Despite its rapid growth, Mubawab also faces unique challenges specific to the Middle Eastern market. Shadi el-Hajj, Mubawab CTO, explains: “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.”