In Egypt’s long-fragmented property market, buying real estate used to feel like a maze. Disconnected listings, commission-hungry brokers, and developers more focused on sales than service made the process frustrating. That’s the landscape Mostafa El Beltagy set out to change in 2019 with the launch of Nawy. The startup now positions itself as the largest proptech platform in Africa.
Nawy has just raised $52 million in Series A funding, led by Partech Africa. This round marks one of the biggest Series A investments in African startup history. It also includes $23 million in debt from Egypt’s top banks, bringing the total to $75 million. With this, the Cairo-based startup is ready to expand its tech-powered property model across North Africa and the Middle East.
El Beltagy, a former Vodafone executive, launched Nawy after experiencing the chaos of Egypt’s outdated real estate market firsthand. Returning home after years abroad, he found that buying property meant collecting brochures and relying on biased salespeople. “There was no easy way to understand the market,” he said. “Everyone had their own agenda.”
This challenge led him to team up with Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea. Together, they built a real estate platform that combines listings with licensed brokerage services. Their goal was to make it easier for Egyptians—and eventually MENA residents—to buy, sell, finance, and manage properties.
Cracking the Real Estate Market With Tech and Trust
Winning developer trust in the early days was tough. Many doubted Nawy’s ability to drive traffic. Traditional brokers also viewed the platform as a threat. But Nawy took a bold step. It started paying brokers their commissions upfront once they closed a deal on the platform. That trust-building move helped the company grow fast.
Today, more than 3,000 brokerages use Nawy Partners, its B2B tool. It offers live inventory access and flexible payouts. The platform now attracts over a million visitors each month. Around 150 developers dominate Egypt’s $30 billion new build market, which sees about 100,000 transactions yearly.
Over time, Nawy expanded its services. It launched Nawy Shares, a fractional ownership tool that lets users invest in real estate with just $500. This move helped middle-income Egyptians join the property market, where they were previously priced out.
The company also created a product called “Move Now Pay Later.” It offers installment-based financing, backed by its $23M debt line. In Egypt, where traditional mortgages are rare, this offering gives buyers more options.
Growing Despite Economic Challenges
Even with the Egyptian pound losing 69% of its value, Nawy says it grew revenue by over 50 times in four years. In 2024, it closed with $1.4 billion in gross merchandise value (GMV), up from $38 million in 2020. While local demand dipped, expats saw real estate as a safe hedge against inflation, driving growth.
With new funding, Nawy plans to expand to Morocco, Saudi Arabia, and the UAE. In these markets, it will compete with established platforms like Huspy and Property Finder. To scale quickly, Nawy is also acquiring smaller firms. It recently bought ROA, a property management startup, and rebranded it as Nawy Unlocked.
The company is now integrating AI across its services. These tools will help personalize the user experience and automate more processes.
Investors See Big Potential
Beyond Partech, the Series A included capital from major players like Development Partners International’s Nclude Fund, e& Capital, Endeavor Catalyst, HOF Capital, March Capital Investments, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.
Partech’s Tidjane Deme said Nawy’s team has deep insights and strong execution skills. He called the company the clear proptech leader for both Africa and the Middle East.
With a full-stack model, new markets in sight, and AI on the roadmap, Nawy is reshaping how real estate works across the region.
