Nawi, an Egyptian platform, raises $52 million
Nawy.. Egyptian Startup Platform Raises $52 Million
In one of the largest funding deals for a proptech startup on the African continent, Egyptian platform Nawy raised $52 million in a Series A funding round to continue its expansion as a proptech platform in Africa.
The round was led by Partech Africa Fund and supported by major investors such as Shorouk Partners, VentureSouq, and E&Capital, in addition to $23 million in debt financing from Egypt's largest banks, bringing Nawy's total funding to $75 million, according to a report published by TechCrunch.
From Personal Crisis to Regional Platform
Nawy's beginnings date back to 2019, when founder and CEO Mostafa El-Beltagy encountered difficulties in purchasing property in the Egyptian market, which was suffering from a lack of transparency and the dominance of traditional brokers.
This experience inspired him to co-found Nawy, along with Abdelazim Othman, Ahmed Rafeh, Mohamed Abu Ghanima, and Ali Rafeh, with the goal of transforming the real estate experience into a seamless and clear digital journey.
Through a model that combines listing platforms, brokerage services, and real estate financing, Nawy has built an integrated real estate ecosystem. Today, the platform attracts more than one million visitors per month and lists approximately 150 real estate developers, representing most of Egypt's emerging market, estimated at $30 billion.
Real Estate for Everyone... Even for $500
Nawy doesn't just list properties; it offers innovative solutions to make real estate ownership accessible to everyone. Through its "Nawy Shares" product, investors can purchase real estate shares starting from as little as $500.
It also offers a "buy now, pay later" financing model, an alternative to traditional mortgages, rare in the Egyptian market. El-Beltagy says, "Real estate in Egypt is the preferred hedge against inflation and currency devaluation. That's why we offer solutions that help all segments invest easily."
Impressive Growth and Readiness for Expansion
Despite economic volatility and a 69% decline in the Egyptian pound, Nawy's revenues have increased more than 50-fold in four years, with sales through the platform reaching $1.4 billion in 2024, compared to only $38 million in 2020.
Now, the company is preparing to expand into Morocco, Saudi Arabia, and the UAE, countries experiencing rapid growth in the proptech sector. Nawy also recently acquired property management company ROA and relaunched it under the name Nawy Unlocked.
AI-Powered Ambitions
Nawy intends to invest the new funding in developing AI-powered products to improve user experience and enhance operational efficiency, with a focus on strategic acquisitions and entering new markets.
“The Nawi team has a deep market vision and promising expansion plans that make them one of the leading players in the proptech space in the region,” said Tijan Demi, Partner at Partic Africa.
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