Egypt’s Nawy: Africa’s Leading Proptech Company Raises $52M for MENA Growth

For many years, navigating the real estate market in Egypt entailed contending with a fragmented environment, leaning on personal networks, dealing with commission-driven brokers, and engaging with developers whose focus was more on sales than on client satisfaction.

In 2019, Mostafa El Beltagy co-founded Nawy to improve transparency and efficiency within the sector. Now recognized as Africa’s leading proptech platform, Nawy has successfully raised $52 million in Series A funding, led by Partech Africa, a venture capital firm dedicated to the continent, strengthening its innovative model that seamlessly combines property listings with brokerage services.

This funding round featured $23 million in debt financing from prominent Egyptian banks, bringing the total to $75 million, making it one of the largest Series A rounds for an African startup. Previously, in 2022, Nawy had raised $5 million in a seed round led by the wealthy Sawiris family.

El Beltagy’s inspiration to join the proptech industry stemmed from personal experiences. After working in corporate roles across various countries, the former Vodafone executive sought to invest in the Egyptian real estate market, often regarded as a hedge against inflation and currency depreciation.

During his property search, he faced significant transparency challenges and encountered unreliable recommendations.

“I had no way to comprehend the market without visiting each developer, collecting their brochures, and interrogating their sales teams—an incredibly inefficient approach,” the CEO recalled. “In this field, everyone seems to guide you in a certain direction.”

These obstacles motivated El Beltagy to create Nawy, aiming to assist people in buying, selling, investing, financing, and managing properties. Nawy’s unique model merges a property listing platform with brokerage services, setting it apart in a market where agents mainly utilize offline networks. He co-founded the company with Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea.

Making Real Estate Accessible

Initially, Nawy faced challenges in acquiring listings as developers doubted its ability to drive significant traffic to their properties. Brokers viewed Nawy as competition.

To establish trust, Nawy initiated upfront commission payments for brokers completing their first transaction on the platform. This strategy improved perceptions and encouraged organic growth, with over 3,000 brokerages actively utilizing Nawy Partners (its brokerage product) and taking advantage of live inventories and flexible payouts.

Furthermore, the Cairo-based proptech platform attracts over a million monthly visitors, drawing numerous developers seeking exposure. Around 150 developers dominate Egypt’s new build market, estimated at about $30 billion based on 100,000 annual transactions, according to El Beltagy.

In recent years, Nawy has broadened its offerings beyond listings and brokerage, evolving into a complete real estate ecosystem. This evolution now features Nawy Shares, a fractional ownership product allowing users to invest in real estate starting at $500, making property investment accessible to Egypt’s middle-income demographic—historically excluded from the market.

Moreover, Nawy has launched a mortgage product, “Move Now Pay Later,” designed to facilitate property purchases through installment plans and financing solutions, especially in a market where banks often provide limited loans for real estate transactions.

“The real estate market is uneven, with most buyers focusing on new builds rather than resales. We believe this product will revolutionize the landscape,” El Beltagy remarked regarding the embedded finance offering. “It functions as a uniquely structured mortgage, as traditional mortgages are scarce in this market.” He noted that Nawy’s $23 million debt facility supports this initiative.

Immune to Economic Volatility?

These advancements have diversified Nawy’s revenue streams, with the company seeing more than a 50-fold increase in dollar value over the last four years, despite the Egyptian pound depreciating by 69%.

El Beltagy credits this growth to real estate being viewed as essential for hedging against inflation and currency depreciation. While the currency crisis negatively impacted local demand, a rise in expatriate investments helped cushion the downturn.

As a result, the profitable Nawy reported a total gross merchandise value (GMV) surpassing $1.4 billion for 2024, a significant rise from $38 million in 2020.

With new funding, Nawy aims to expand its reach beyond Egypt, targeting North Africa and the Middle East—regions emerging as some of the most promising real estate markets globally. Nawy plans to enter Morocco, Saudi Arabia, and the UAE, where platforms like Huspy and Property Finder are already well-established.

El Beltagy stated that the company intends to pursue acquisitions of smaller firms as part of its growth strategy. Recently, Nawy acquired the property management startup ROA and renamed it “Nawy Unlocked,” enhancing its service offerings.

The Series A funding round was completed in two phases and will support these initiatives, including enhancing product development and embedding AI into Nawy’s operations, according to El Beltagy.

Other notable investors in this funding round 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 establish a modern, tech-driven real estate experience,” commented Tidjane Deme, general partner at Partech. “Their team has deep market insights, ambitious regional growth plans, and exceptional execution capabilities, positioning them as a leading proptech player in Africa and the Middle East.”