Egypt’s Nawy, the largest proptech in Africa, lands a $52M Series A to take on MENA

For years, the process of buying property in Egypt has been complicated, involving a fragmented real estate market, personal connections, commission-driven brokers, and developers more focused on sales than customer service.

In 2019, Mostafa El Beltagy, Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea founded Nawy to bring transparency and efficiency to the market. Positioned as Africa’s largest proptech platform, Nawy has raised $52 million in Series A funding, led by Africa-focused VC firm Partech Africa, showcasing its model of integrating property listings with brokerage services.

The Series A round, supplemented by $23 million in debt financing from Egypt’s top banks, totals $75 million, making it one of the largest Series A rounds for an African startup.

CEO El Beltagy’s venture into proptech began out of personal frustration. After working in corporate roles across various countries, he sought to invest in Egyptian real estate, a market known for hedging against inflation and currency devaluation.

However, the lack of transparency and biased advice during the property purchase process prompted him to create Nawy. The platform aims to assist individuals in buying, selling, investing in, financing, and managing properties, distinguishing itself in an industry still dominated by agents with traditional, offline connections.

Making real estate accessible

Initially, Nawy faced challenges in securing listings as developers doubted the platform’s value and brokers viewed it as a competitor.

To build trust, Nawy introduced immediate commission payments to brokers who completed their first transaction on the platform, leading to word-of-mouth growth. Currently, over 3,000 brokerages actively use Nawy Partners, accessing live inventory and flexible payouts.

Nawy attracts over a million monthly visitors and hosts hundreds of developers vying for visibility in Egypt’s $30 billion new build market.

In addition to listings and brokerage services, Nawy offers Nawy Shares for fractional ownership investment starting at $500, catering to Egypt’s middle-income demographic. The platform also provides a mortgage product, “Move Now Pay Later,” offering installment plans and financing options.

Nawy’s revenue streams have diversified, experiencing significant growth despite the devaluation of the Egyptian pound.

Immune to economic volatility?

The demand for real estate as a hedge against inflation and currency devaluation has fueled Nawy’s growth, with over $1.4 billion in gross merchandise value in 2024, a significant increase from 2020.

With plans to expand into North Africa and the Middle East, Nawy aims to tap into promising real estate markets in Morocco, Saudi Arabia, and the UAE.

Furthermore, Nawy plans to integrate AI across its processes and enhance product development with the Series A funding.

Notable investors in the round include Development Partners International’s Nclude Fund, e& Capital, and VentureSouq, among others.

Partech’s general partner, Tidjane Deme, commended Nawy for its market insights, regional expansion strategy, and execution, positioning the platform as a leading proptech player in Africa and the Middle East.