Nawy, a Cairo-based proptech company co-founded in 2019 by Mostafa El Beltagy and his team, has successfully raised $52 million in Series A funding, aiming to transform the real estate market across the MENA region. This funding round was led by Partech Africa, an African-focused venture capital firm. They recently closed $23 million in debt financing from leading banks in Egypt, bringing Nawy’s total funding to a staggering $75 million.
Nawy’s mission is to improve transparency and efficiency throughout the real estate industry. As their workhorse, with over a million unique monthly visitors, it’s an invaluable resource for buyers and developers alike. Hundreds of developers bid for their wares to see visibility on Nawy, which has quickly become the destination for real estate transactions.
Nawy’s Growth and Product Offerings
Since then, Nawy has branched out its offerings from just listing properties and providing brokerage assistance. Expansion beyond rentals Over the years, it’s grown into a full-stack real estate ecosystem. Today, the company can count more than 3,000 in-brokerage active users on Nawy Partners, a product developed particularly for real estate brokerages.
The Nawy Partners platform gives brokers the power of live inventory. This includes custom payout options so transaction processes are faster, easier and more efficient to buy or sell a property. This all-in-one approach saves users time and helps them avoid the complexities of today’s real estate market.
Mostafa El Beltagy, who served as an advisor on the initiative, expressed, most startups can’t afford to fail.
“I had no way to look at the market and understand what’s out there, aside from going almost developer by developer, picking up their brochures and asking their salespeople questions, which was highly inefficient.” – Mostafa El Beltagy
This inefficiency led to the realization of a huge opportunity for a platform like Nawy. Now, Nawy is addressing a market of 100,000 transactions per year. Only about 150 developers control the entire market for new builds in Egypt, estimated at $30 billion.
Addressing Market Challenges
Egypt’s real estate market comes with its own distinct set of challenges. Keon Mostafa El Beltagy, left, pointed out that a lot of people don’t look at new builds versus resale.
“The real estate market is very lopsided in the sense that most people are buying new build, not resale. We believe enabling this product will cause a bit of a shift.” – Mostafa El Beltagy
Nawy’s mission is to help heal this imbalance, giving buyers powerful, detailed tools that put them in control with the information and options they deserve. Through reducing information asymmetry by connecting buyers to developers directly and increasing transparency in the process, Nawy is poised to reimagine the real estate purchasing landscape.
By using competitive landscape found on Nawy, not only are developers easily seen, but brokers get the expertise to outperform competitors. If the platform gains popularity, it may be able to draw in more people playing the real estate market.
Future Prospects
Nawy may have raised eye-popping amounts of funding and created breakthrough products. This leaves the company well-positioned to spearhead the growing proptech industry across Africa and further afield. The firm plans to leverage its investment to enhance its offerings. It will continue developing its capacity to reach greater parts of the MENA region.
Nawy’s ascent represents a broader transformation in Egypt’s real estate market. This transition would further have momentous effects on the future of the entire MENA region. With the unique intersection of technology and industry knowledge, Nawy aims to raise the bar for efficiency and transparency.
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