Nawy: Revolutionizing Real Estate in Egypt and Beyond
For years, the real estate market in Egypt has been known for its fragmentation, lack of transparency, and reliance on traditional methods of buying and selling properties. This all changed in 2019 when Mostafa El Beltagy, Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea came together to establish Nawy, a platform that aimed to bring efficiency and transparency to the real estate industry in Africa.
Nawy quickly positioned itself as Africa’s largest proptech platform, raising a significant $52 million in Series A funding led by Partech Africa, a prominent Africa-focused VC firm. This funding, combined with $23 million in debt financing from Egypt’s top banks, brought Nawy’s total funding to $75 million, making it one of the largest Series A rounds for an African startup.
The journey into proptech for co-founder and CEO Mostafa El Beltagy began with personal frustration. As he attempted to invest in real estate in Egypt, he encountered a lack of transparency and biased advice in the market. This experience inspired him to create Nawy, a platform that aimed to help people buy, sell, invest in, finance, and manage properties in a more transparent and efficient manner.
Nawy’s unique model, which combines property listings with brokerage services, has set it apart in an industry still dominated by offline relationships and biased advice. The platform struggled initially to secure listings from developers and brokers who viewed Nawy as a competitor. However, by introducing immediate commission payments to brokers and focusing on building trust, Nawy has seen significant growth, with over 3,000 brokerages actively using their platform.
In addition to its property listing and brokerage services, Nawy has expanded into a full-stack real estate ecosystem. This includes offerings such as Nawy Shares, a fractional ownership product that allows users to invest in property with as little as $500, and “Move Now Pay Later,” a mortgage product designed to make real estate more accessible through installment plans and financing options.
Despite economic volatility in Egypt, Nawy has reported significant growth, with revenue streams increasing over 50x in dollar terms over the last four years. The platform closed 2024 with over $1.4 billion in gross merchandise value, showcasing its resilience in the face of currency devaluation and inflation.
With fresh capital from its Series A funding, Nawy plans to expand beyond Egypt into North Africa and the Middle East, targeting markets such as Morocco, Saudi Arabia, and the UAE. The platform also aims to integrate AI across its processes and enhance product development. Recent acquisitions, such as property management startup ROA, have further expanded Nawy’s offerings.
Notable investors in Nawy’s Series A round include Development Partners International’s Nclude Fund, e& Capital, Endeavor Catalyst, and others. Tidjane Deme, general partner at Partech, expressed excitement about supporting Nawy as they continue to revolutionize the real estate experience in Africa and the Middle East.
In conclusion, Nawy’s innovative approach to real estate in Egypt has not only disrupted the market but has also set the stage for expansion into new regions. With a focus on transparency, efficiency, and accessibility, Nawy is poised to become a leading proptech platform in Africa and beyond.
