
Egypt’s Nawy Raises $52M to Dominate African Proptech Market
Cairo-based Nawy, positioning itself as Africa’s largest proptech platform, has secured $52 million in Series A funding, led by Partech Africa. This investment validates Nawy’s innovative model of integrating property listings with comprehensive brokerage services, aiming to transform Egypt’s real estate landscape.
The funding round also includes $23 million in debt financing from leading Egyptian banks, bringing the total investment to $75 million—one of the largest Series A rounds for an African startup. This follows a $5 million seed round in 2022, led by the Sawiris family, underscoring investor confidence in Nawy’s vision.
Mostafa El Beltagy, CEO and co-founder of Nawy, experienced firsthand the frustrations of Egypt’s fragmented and opaque real estate market. Motivated by these challenges, he launched Nawy in 2019 alongside Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea to introduce transparency and efficiency to the property buying process.
“I had no way to look at the market and understand what’s out there, aside from going almost developer by developer, picking up their brochures and asking their salespeople questions, which was highly inefficient,” El Beltagy explained. “In this sector, everyone is incentivized to push you one way or another.”
Nawy addresses these issues by offering a platform where users can buy, sell, invest in, finance, and manage properties. By combining a property listing platform with brokerage services, Nawy distinguishes itself in an industry traditionally dominated by offline agents.
Initially, Nawy faced skepticism from developers and brokers. To overcome this, Nawy introduced immediate commission payments to brokers for their first transactions on the platform. This strategy fostered trust and led to organic growth, with over 3,000 brokerages now actively using Nawy Partners.
The proptech company attracts over a million monthly visitors, with approximately 150 developers vying for visibility. El Beltagy estimates that the Egyptian new build market is worth around $30 billion, with 100,000 annual transactions.
Nawy has expanded its services to include Nawy Shares, a fractional ownership product allowing investments in property for as little as $500. They’ve also introduced “Move Now Pay Later,” a mortgage product offering installment plans and financing options, addressing the scarcity of traditional mortgage options in Egypt.
“The real estate market is very lopsided in the sense that most people are buying new build, not resale. We believe enabling this product will cause a bit of a shift,” El Beltagy stated. He added that Nawy’s $23 million debt facility supports this innovative finance product.
Nawy reports substantial revenue growth, increasing 50x in dollar terms over the past four years, despite the Egyptian pound’s devaluation. This growth is attributed to the demand for real estate as a hedge against economic instability and the influx of expatriate investment. In 2024, Nawy achieved over $1.4 billion in gross merchandise value (GMV), a significant increase from $38 million in 2020.
With the new funding, Nawy plans to expand into North Africa and the Middle East, targeting markets like Morocco, Saudi Arabia, and the UAE. The company also intends to acquire smaller companies, as demonstrated by the recent acquisition of property management startup ROA, rebranded as “Nawy Unlocked.”
El Beltagy noted that the Series A funding will be used to enhance product development and integrate AI across Nawy’s processes.
Other investors in the 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 build the foundation for a modern, tech-driven real estate experience,” said Tidjane Deme, general partner at Partech. “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.”