Nawy, a leading Egyptian proptech company, has raised $52 million in Series A equity funding to accelerate its operations and enhance its technological capabilities. The round was led by Partech, with additional participation from e& Capital, March Capital Investments, Verod-Kepple Africa Ventures, VentureSouq, Endeavor Catalyst, Development Partners International via the Nclude Fund, Shorooq Partners, Outliers, HOF Capital, and Plug and Play.
Support for mortgage growth, AI integration
In addition to the equity funding, Nawy secured $23 million in debt financing from prominent Egyptian banks to bolster its rapidly growing mortgage offerings.
According to Mostafa El-Beltagy, Nawy’s Co-Founder and CEO, “This investment is a major leap forward – fueling our expansion, accelerating the transformation of our products using AI, and starting our mission to reinvent how real estate works across MENA and beyond.”
Founded in 2019 by Mostafa El-Beltagy, Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea, Nawy has quickly evolved from a platform focused primarily on listings and brokerage services to a comprehensive real estate ecosystem. The platform now offers a range of services, including property buying, selling, investing, financing, and management, making it one of the most prominent players in Africa’s proptech sector.
Mostafa El-Beltagy recently shared with TechCrunch that Nawy attracts over one million monthly visitors. He further noted that the platform hosts approximately 150 developers, covering the majority of Egypt’s $30 billion new-build real estate market, which sees around 100,000 transactions annually.
Innovating real estate investment with Nawy shares
Nawy’s expansion includes the introduction of Nawy Shares, a fractional ownership product that enables users to invest in real estate with as little as $500. This innovation has made property investment more accessible to Egypt’s middle-income population, a group that has historically been excluded from the market.
Nawy, which achieved profitability in 2024, closed the year with a gross merchandise value (GMV) surpassing $1.4 billion, a remarkable leap from $38 million in 2020, as reported by TechCrunch. El-Beltagy emphasized that the Series A funding, raised in two tranches, will support Nawy’s ongoing product development and the integration of AI across its operations.
Big number
According to Wamda’s May 2024 Investment in MENA Digest, the proptech sector was the leading recipient of funding in May, securing $167.2 million across seven rounds, even without including Property Finder’s deal. This marks a significant moment for the sector, underlining the growing interest and investment in real estate technology in the region.
Looking ahead
With the new capital injection and a clear roadmap for future growth, Nawy is well-positioned to continue reshaping the real estate landscape in MENA and beyond, leveraging technology and innovation to provide more accessible and efficient solutions for property buyers, sellers, and investors.
