Cairo – Sharikat Mubasher: Egyptian proptech startup Nawy raised $52 million in Series A funding, bringing its total to $75 million with $23 million in debt financing.
The round, led by Partech Africa, will fuel Nawy’s mission to revolutionize Egypt’s fragmented real estate market, according to a recent press release.
Founded in 2019 by Mostafa El Beltagy and his team, Nawy combines property listings with brokerage services, addressing long-standing issues in the market like lack of transparency and commission-driven brokers. Despite initial resistance, Nawy’s innovative approach, including upfront commission payments for brokers, has driven rapid growth, attracting over a million monthly visitors and 3,000 active brokerages.
In addition to property listings, Nawy now offers "Nawy Shares," allowing users to invest in property with as little as $500, and “Move Now Pay Later,” a financing option in a market where mortgage access is limited. This expansion has helped Nawy grow by over 50 times in dollar terms over the last four years, closing 2024 with $1.4 billion in gross merchandise value.
With the new capital, Nawy plans to expand into Morocco, Saudi Arabia, and the UAE, building on its success in Egypt. The company also acquired property management startup ROA, rebranding it as "Nawy Unlocked," further broadening its service offerings. Nawy aims to become a regional leader in proptech, integrating AI and continuing its market expansion.
