On Monday, Nawy, Africa’s largest proptech company, secured $52 million in Series A funding to expand its real estate platform beyond Egypt and into the broader MENA region.
This funding round, led by Partech Africa and supported by major investors, including e& Capital and Endeavor Catalyst, validates Nawy’s innovative model, which integrates property listings with brokerage services. This model is transforming real estate transactions in Africa and the Middle East.
Nawy’s expansion strategy and market impact
Nawy was established in 2019 by Mostafa El Beltagy and his team to address Egypt’s fragmented and opaque real estate market.
El Beltagy explained, “I had no way to look at the market and understand what’s out there, aside from going almost developer by developer,” highlighting the inefficiencies Nawy aims to solve.
The platform now boasts over one million monthly users and has grown its gross merchandise value (GMV) to $1.4 billion by the end of 2024, a remarkable increase from $38 million in 2020.
With the fresh capital, Nawy plans to enter new markets such as Morocco, Saudi Arabia, and the UAE, where established platforms exist but opportunities remain for innovation.
The company also recently acquired ROA, a property management startup, rebranding it as Nawy Unlocked to enhance its property finishing and rental monetization service offerings. This acquisition supports Nawy’s goal to provide a full-stack real estate ecosystem.
Innovating real estate with technology and AI
Nawy’s approach goes beyond listings; it includes financing solutions like “Move Now, Pay Later” mortgages and fractional ownership through Nawy Shares, making property investment accessible to a broader audience.
The Series A funding will also accelerate the integration of artificial intelligence across Nawy’s platform to improve search capabilities, brokerage efficiency, and customer experience.
Tidjane Deme, General Partner at Partech, praised Nawy’s vision: “Their team has deep market insights, coupled with ambitious regional expansion plans and exceptional execution, positioning them as the clear proptech champion in Africa and the Middle East.”
The company’s strategy of paying brokers commissions upfront has attracted over 3,000 brokerages, enhancing trust and transparency in a traditionally commission-driven sector.
Nawy’s $52 million equity raise, complemented by $23 million in debt financing from Egyptian banks dedicated to mortgage offerings, marks one of the largest Series A rounds for an African startup.
This financial boost is set to fuel product development, regional expansion, and the digitization of real estate transactions across North Africa and the Middle East.