Egypt’s Nawy, Africa’s Top Proptech Firm, Raises $52M for Expansion in MENA Region

For many years, acquiring property in Egypt has meant maneuvering through a fragmented real estate landscape, relying on personal connections, dealing with brokers focused primarily on commissions, and collaborating with developers who prioritized sales over customer satisfaction.

In 2019, Mostafa El Beltagy co-founded Nawy to improve transparency and efficiency in the sector. Now recognized as Africa’s largest proptech platform, Nawy has successfully secured $52 million in Series A funding, led by Partech Africa, a venture capital firm focused on the continent, thereby reinforcing its innovative model that merges property listings with brokerage services.

This funding round included $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. In 2022, Nawy had previously raised $5 million in a seed round spearheaded by the affluent Sawiris family.

El Beltagy was inspired to enter the proptech arena due to personal challenges. After working in corporate roles across several countries, the former Vodafone executive aimed to invest in the Egyptian real estate market, which is often regarded as a safeguard against inflation and currency depreciation.

During his quest for property, he faced considerable transparency issues and received inaccurate recommendations.

“I had no means of grasping the market without visiting each developer, gathering their brochures, and questioning their salespeople—an exceedingly inefficient approach,” the CEO recalled. “In this industry, everyone appears inclined to guide you in a particular direction.”

These challenges motivated El Beltagy to create Nawy, with the aim of assisting individuals in buying, selling, investing, financing, and managing properties. Nawy’s unique model integrates a property listing platform with brokerage services, setting it apart in a market dominated by agents reliant on 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 difficulties in obtaining listings as developers questioned its ability to draw significant traffic for their properties. Brokers perceived Nawy as a competitor.

To establish trust, Nawy introduced immediate upfront commission payments for brokers completing their first transaction on the platform. This initiative enhanced perceptions and led to organic growth, with over 3,000 brokerages actively utilizing Nawy Partners (its brokerage product) and benefiting from live inventories and flexible payouts.

Additionally, the Cairo-based proptech platform attracts over a million monthly visitors, drawing numerous developers seeking visibility. About 150 developers dominate Egypt’s new build market, estimated at roughly $30 billion based on 100,000 annual transactions, as noted by El Beltagy.

In recent years, Nawy has broadened its services beyond listings and brokerage, transforming into a comprehensive real estate ecosystem. This evolution now features Nawy Shares, a fractional ownership product enabling users to invest in real estate starting at $500, making property 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 options in a market where banks typically offer limited loans for real estate transactions.

“The real estate market is unbalanced, as most buyers focus on new builds rather than resales. We believe this product will reshape the landscape,” El Beltagy explained regarding the embedded finance offering. “It operates as a uniquely structured mortgage, given that traditional mortgages are nearly nonexistent in this market.” He added that Nawy’s $23 million debt facility supports this initiative.

Immune to Economic Volatility?

These innovations have diversified Nawy’s revenue streams, with the company experiencing a more than 50-fold increase in dollar value over the past four years, even as the Egyptian pound lost 69% of its value.

El Beltagy attributes this growth to the necessity of real estate as a hedge against inflation and currency depreciation. While the currency crisis negatively affected local demand, an influx of expatriate investments helped cushion the downturn.

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

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

El Beltagy indicated 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 rebranded it as “Nawy Unlocked,” enhancing its service offerings.

The Series A funding round concluded in two phases and will support these initiatives, including enhancing product development and integrating 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 thrilled to support Nawy as they establish the foundation for a modern, tech-driven real estate experience,” remarked Tidjane Deme, general partner at Partech. “Their team possesses deep market insights, ambitious regional growth plans, and exceptional execution capabilities, positioning them as a leading proptech contender in Africa and the Middle East.”