Nawy Secures $52 Million to Transform MENA Real Estate
Navigating Egypt's complex real estate market has been a long-standing challenge for buyers. Nawy, founded in 2019 by Mostafa El Beltagy, aims to simplify the process. The company, now recognized as Africa's largest proptech platform, has raised $52 million in Series A funding. This round, led by Partech Africa, validates Nawy's innovative approach of combining property listings with brokerage services.
Including a $23 million debt facility from leading Egyptian banks, the total funding reaches $75 million. This marks one of the largest Series A rounds for an African startup. Nawy previously secured a $5 million seed round in 2022, backed by the Sawiris family.
From Frustration to Innovation
El Beltagy's personal experience with Egypt's opaque real estate market inspired him to create Nawy. The former Vodafone executive encountered a lack of transparency and biased advice while trying to invest in property.
I had no way to understand the market without contacting each developer individually. This process was highly inefficient, and everyone seemed incentivized to push me in a specific direction.
Nawy empowers users to buy, sell, invest, finance, and manage property. Its integrated platform sets it apart in a traditionally agent-driven industry. El Beltagy co-founded Nawy with Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea.
Democratizing Real Estate Access
Initially, Nawy faced resistance from developers and brokers. To gain traction, the company offered immediate commission payments to brokers for their first platform transaction. This strategy fostered trust and led to significant growth, with over 3,000 brokerages now actively using Nawy Partners.
Nawy attracts over a million monthly visitors and works with hundreds of developers. Approximately 150 developers represent the majority of Egypt's $30 billion new-build market, which sees around 100,000 annual transactions.
Expanding Beyond Listings
Nawy has evolved into a full-stack real estate ecosystem. Nawy Shares, a fractional ownership product, allows users to invest with as little as $500, making real estate accessible to a wider audience. The "Move Now Pay Later" mortgage product offers installment plans and financing options in a market where traditional mortgages are scarce.
The real estate market is heavily skewed towards new builds. We believe our financing product will shift this dynamic. It's a reimagined mortgage for a market where traditional loans are rare.
These diverse offerings have fueled Nawy's revenue growth, which the company reports has increased more than 50-fold in dollar terms over the past four years, despite currency fluctuations.
Targeting Regional Expansion
Nawy achieved over $1.4 billion in gross merchandise value (GMV) in 2024, a significant increase from $38 million in 2020. The company attributes this growth to the demand for real estate as a hedge against inflation and currency devaluation.
With the new funding, Nawy plans to expand into Morocco, Saudi Arabia, and the UAE. The company also intends to acquire smaller companies, as demonstrated by its recent acquisition and rebranding of property management startup ROA as "Nawy Unlocked."
The Series A funding will also support product development and AI integration. Notable investors include Development Partners International’s Nclude Fund, e& Capital, Endeavor Catalyst, HOF Capital, March Capital Investments, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.
We're excited to support Nawy as they build a modern, tech-driven real estate experience. Their team's market insights, ambitious expansion plans, and exceptional execution position them as the leading proptech company in Africa and the Middle East.
