Egypt’s Nawy, the largest proptech in Africa, raises $52M to take on MENA

For decades, the purchase of property in Egypt means moving in the fragmented real estate market, relying on personal networks, dealing with the mediators who move the commission, and confronting developers more focused on selling more than customer needs.

In 2019, the Mostafa El Beltagy participated in establishing Nawy to bring transparency and efficiency to the market. After Nawy is now placed in its position as the largest Proptech platform in Africa, it raised $ 52 million of financing from the series A, led by the VC Africa that focuses on Africa, which led to the validity of its model in combining real estate lists and brokerage services.

The tour, which also includes 23 million dollars of debt financing from the best banks in Egypt, reaches a total of $ 75 million, one of the largest series to start an African operation. In 2022, a $ 5 million seed tour was raised led by the richest family in Egypt, Siris.

The EL BelTATY CEO’s trip started with POPTECH with personal frustration. After several years of working in corporate jobs across multiple countries, the former Vodafone official wanted to invest in real estate in Egypt, a market that many people see as a hedge against inflation and a decrease in the value of the currency.

However, as he moved in the process of purchasing property, the lack of transparency and the spread of biased advice became flagrant problems.

“I had no way to look at the market and understand what was present, regardless of going to the developer almost by the developer, capturing their brochures and asking their delegates, which were very ineffective,” Narrated by the CEO. “In this sector, everyone is motivated to push you in one way or another.”

These challenges have led to the construction of Nawy to help people buy property, sale, investment, finance and property management. Its model, which combines the platform of real estate list and mediation services, dismantled it in an industry that is still dominated by agents through firm relationships that are not connected to the Internet. The CEO launched the company alongside Abd al -Asr Othman, Ahmed Ravia, Muhammad Abu Ghanem and Ally Ravia.

Make real estate available

Initially, Nawi struggled to secure these lists. The developers were skeptical of the value of the Nawy because it was not large enough to push traffic to their lists. The brokers, on the other hand, saw Nawi as a competitor.

To build confidence, Nawy provided instant commission payments, funded in advance, to the brokers who treated their first on the platform. This feelings that turned, which led to the growth of a word that has seen more than 3000 brokerage companies using Nawy Partners (its brokers product), access to direct stocks and flexible payments.

In addition, the Cairo -based ProPtech attracts more than one million monthly visitors, with hundreds of developers competing for the vision. It covers about 150 developers most of the new construction market in Egypt, which is worth about $ 30 billion, based on 100,000 transactions annually, according to El Beltagy.

Over the past few years, Nawy has expanded to post -lists and mediation services, and has developed into a complete real estate ecosystem. This includes the shares of Nawy, a royal product that allows users to invest in property for at least $ 500, which makes real estate within the reach of the average population in Egypt, which has been prolonged for a long time.

In addition, Nawy has developed a mortgage product, “Move Now Pay” later, designed to allow users to buy through installments and financing options in the market where banks rarely offer loans to real estate purchases.

“The real estate market is very unbalanced in the sense that most people buy a new building, not reselling it. We believe that enabling this product will lead to some transformation,” said El Beltagy on the integrated financial product. “It is filled differently because real estate loans are almost not present here.” He added that the $ 23 million Dion facility supports this offer.