Navigating the real estate market in Egypt has long been a challenging task, with fragmented systems, personal networks, and commission-driven brokers dominating the landscape. Mostafa El Beltagy recognized these issues and co-founded Nawy in 2019 to revolutionize the industry by introducing transparency and efficiency.
Since its inception, Nawy has emerged as Africa’s largest proptech platform, raising an impressive $52 million in Series A funding led by Partech Africa. This funding, combined with $23 million in debt financing from Egypt’s top banks, has positioned Nawy as a key player in the market, with a total investment of $75 million.
CEO Mostafa El Beltagy’s personal frustration with the lack of transparency in the real estate sector inspired him to create Nawy. The platform combines property listings with brokerage services, offering a unique solution in an industry still reliant on traditional offline methods.
Initially facing challenges in securing listings and building trust with developers and brokers, Nawy introduced innovative solutions such as immediate commission payments to brokers and has since gained traction in the market. With over a million monthly visitors and a growing number of developers on board, Nawy has become a go-to platform for property transactions in Egypt.
In addition to listings and brokerage services, Nawy has expanded its offerings to include products like Nawy Shares, a fractional ownership option, and a mortgage product called “Move Now Pay Later.” These initiatives aim to make real estate more accessible to Egypt’s middle-income population, addressing a gap in the market where traditional financing options are limited.
Despite economic volatility and currency devaluation, Nawy has experienced significant growth, with revenue streams expanding more than 50 times in the past four years. The company’s success in the face of market challenges has positioned it as a profitable player in the real estate sector.
Looking ahead, Nawy plans to expand its operations beyond Egypt, targeting markets in North Africa and the Middle East. With a focus on countries like Morocco, Saudi Arabia, and the UAE, Nawy aims to capitalize on the growing opportunities in these regions.
The recent Series A funding will support Nawy’s expansion plans, with a key focus on product development and integrating AI into its processes. With a strong investor lineup and a clear vision for the future, Nawy is poised to become a leading proptech platform in Africa and the Middle East.