For decades, buying property in Egypt has meant to navigate a fragmented immovable market, rely on personal networks, deal with commission brokers and face developers more focused on selling than serving customer needs.
In 2019, MostyaAbdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea founded Nave bring transparency and efficiency to the market. Now positioning itself as Africa’s largest platform, Nawy has earned $ 52 million in series A-funding, led by an African-focus VC company Partach Africa, validating its model of combining lists of possessions with broker services.
The A -Round Series, which also includes $ 23 million in debt funding from Egypt’s top banks, brings the total to $ 75 million, one of the largest A -Rounds for African starting.
Co -founder and general manager of Beltagy in Proptech began as a personal frustration. After several years working in corporate jobs across numerous countries, he wanted to invest in real estate in Egypt, a market, which many people view as a hedge against inflation and devaluation of currency.
However, as he sailed the process of buying property, the lack of transparency and the prevalence of bias advice has become brilliant problems.
“I had no way of looking at the market and understanding what’s there, except to go almost a developer developer, picking up his brochures and asking his sellers, which was very ineffective,” the Director General told. “In this sector, everyone is encouraged to push you in one way or another.”
These challenges led from Beltagy build Nawy to help people buy, sell, invest in, fund and manage property. Its model, combining a listing platform with brokerage services, separated it in an industry still dominated by agents with rooted, offline relationships.
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Making real estate accessible
First, Nawy struggled to secure those lists. Developers were skeptical of Nawy’s value because they were not large enough to drive traffic to their lists. Brokers, on the other hand, saw Nawy as a competitor.
To build trust, Nawy introduced immediate commission payments, funded forward, to brokers who made their first transaction on the platform. This changed feeling, causing word-mouth growth, which saw more than 3,000 brokers actively using Nawy Partners (its product for brokers), accessing live inventories and flexible payments.
Additionally, Cairo-based Proptech attracts over a million monthly visitors, with hundreds of developers competing for visibility. About 150 developers cover most of Egypt’s new building market, which is worth around $ 30 billionBased on 100,000 transactions annually, according to El Beltagy.
Over the last few years, Nawy has expanded beyond lists and brocade services, developing into a full-stack real estate ecosystem. This includes Nawy shares, a fractional property product that allows users to invest in property with at least $ 500, making real estate accessible to Egypt’s average income, which has long been.
Additionally, Nawy has developed a mortgage product, “Move now Pay later”, designed to allow users to buy through payment plans and financial options in a market, where banks rarely offer loans for real estate purchases.
“The real estate market is highly revealed in the sense that most people buy new construction, do not resell. We believe that enabling this product will cause some change,” said Beltagy. “It’s a mortgage packaged differently because mortgages are almost non -existent here.” He added that Nawy $ 23 million’s debt installation supports this offer.
Resistant to economic volatility?
These products have diversified Nawy’s revenue currents, which the company claims to have grown more than 50x in dollar terms over the last four years, despite the Egyptian pound losing 69% of its value.
El Beltagy attributes much of this growth to the demand for real estate market such as hedge against inflation and currency disvaluation. While the currency crisis affected local demand, the influx of emigrant money helped make up for the fall.
As a result, Nawy closed 2024 with more than $ 1.4 billion in gross goods value (GMV), up from $ 38 million in 2020.
With recent capital, Nawy plans to expand beyond Egypt to North Africa and the Middle East, regions quickly appear as some of the most promising real estate. Nawy targets Morocco, Saud -Aarabia, and the UAE as its next markets (in the UAE, for example, platforms like Huspy and possessive finder already has a strong traction.)
From Beltagy mentions that the company will acquire smaller companies along the way. Recently, it acquired the initial management of property Roa and rebranded it as a “Nawy Unlocked”, expanding its product offers.
The A -Circle series, raised through two cuts, will fund these plans, including progressing AI product development and integration through Nawy’s processes, according to El Beltagy.
Other notable investors participating in the round include Nclude Fund, E & Capital, Endeavor Catalyst, Hof Capital, March Capital Investments, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.
“We are excited to support Nawy as they build the foundation for a modern, technological real estate experience,” said Tidjane Deme, a general partner at Partach. “Their team has deep market insights, joined with ambitious regional expansion plans and exceptional execution, positioning them as the clear champion proptech in Africa and the Middle East.”
