Nawy, a Cairo-based property technology startup, has raised USD 75 million (EGP 3.7 billion) in a Series A funding round, including USD 52 million (EGP 2.6 billion) in equity and USD 23 million (EGP 1.1 billion) in debt financing from Egypt’s largest banks.
In 2019, frustrated by the challenges of navigating Egypt’s real estate market, where buyers had to rely on word of mouth, commission-driven brokers, and developer-focused sales tactics, Mostafa El Beltagy embarked on a mission to transform the industry.
El Beltagy, a former Vodafone executive, co-founded Nawy to bring transparency and efficiency to the market. Now, six years later, the company is positioning itself as the leading proptech platform in Africa, and it has the capital to back that claim.
The round was led by Partech Africa, a prominent venture capital firm focused on the continent. The raise marks one of the largest Series A rounds for an African startup to date and follows a USD 5 million (EGP 251.9 million) seed round in 2022, led by the Sawiris family, one of Egypt’s wealthiest dynasties.
El Beltagy’s experience led to the founding of Nawy, alongside Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea. The company’s hybrid model combines a digital listing platform with brokerage services, an approach that has set it apart in a market long dominated by informal networks and offline agents.
Initially, Nawy faced resistance. Developers were skeptical of the platform’s reach, and brokers viewed it as a potential rival. To build credibility, Nawy introduced immediate commission payouts for partner agents upon closing their first deals, funded upfront by the company. The move catalyzed adoption, with more than 3,000 brokerages now using Nawy’s platform, known as Nawy Partners.
Today, Nawy attracts over one million monthly users, with listings from roughly 150 developers, representing the majority of Egypt’s new-build market, which sees about 100,000 transactions annually and is valued at around USD 30 billion (EGP 1.5 trillion).
Over time, the company has evolved into a full-stack real estate platform. Nawy Shares, a fractional ownership offering, allows middle-income Egyptians to invest in property with as little as USD 500 (EGP 25,190). Its embedded finance product, “Move Now Pay Later,” provides installment-based financing in a country where traditional mortgages are rare. The service is supported by the firm’s USD 23 million (EGP 1.1 billion) debt line.
Even as Egypt’s economy weathered a sharp currency devaluation, with the pound losing nearly 70 percent of its value, Nawy grew rapidly.
The company reports that its revenues have increased more than fiftyfold in dollar terms over the past four years, driven by sustained demand for real estate as a hedge against inflation and a surge in interest from expatriates.
Nawy closed 2024 with more than USD 1.4 billion (EGP 70.5 trillion) in gross merchandise value, up from USD 38 million (EGP 1.9 billion) in 2020, and remains profitable, according to El Beltagy.
With fresh capital in hand, Nawy is eyeing expansion across North Africa and the Middle East. Target markets include Morocco, Saudi Arabia, and the United Arab Emirates, where competitors like Huspy and Property Finder already have established footprints.
The company also plans to grow through acquisitions, including its recent purchase of property management startup ROA, now rebranded as Nawy Unlocked.
The Series A will support regional growth, product innovation, and the integration of artificial intelligence into Nawy’s services.
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