Funding of $52 million secured by Nawy to expand its real estate platform beyond the borders of Egypt
Nawy, an Egyptian proptech startup, has announced ambitious expansion plans, aiming to disrupt traditional property markets across North Africa and the Middle East. The company has secured $52 million in Series A funding, led by Partech Africa, bringing its total funding to $86.4 million, including $23 million in debt[1].
Following the funding round, Nawy has made significant moves, acquiring ROA, a property management startup, and rebranding it as Nawy Unlocked. The acquisition aims to deepen Nawy's real estate service offerings[2].
In addition to this, Nawy has expanded its operations into the Gulf Cooperation Council (GCC) market, including countries like the United Arab Emirates and Saudi Arabia. As part of this expansion, Nawy has acquired a majority stake in SmartCrowd, a Dubai-based fractional property investment platform, regulated by the Dubai Financial Services Authority (DFSA)[2]. This move will enable Nawy to offer a full spectrum of proptech services, including home financing, brokerage, fractional ownership, and asset management across the Middle East and North Africa (MENA) region.
Nawy's unique model of paying brokers commissions upfront has attracted over 3,000 brokerages[1]. The startup has also introduced innovative financing options such as Move Now Pay Later, aiming to ease Egypt's limited mortgage access, and Nawy Shares, enabling fractional property investments starting at $500[1].
The fresh capital will be used for expansion and the integration of AI capabilities, as Nawy positions itself as a regional proptech leader[1]. The startup ended 2024 with a gross merchandise value of $1.4 billion, attracting over 1 million monthly site visitors[1].
Nawy was founded in 2019 by Mostafa El Beltagy and his team[1]. With its recent expansion and strategic acquisitions, Nawy is well on its way to becoming a dominant force in the MENA proptech market.
[1] TechCrunch. (2022, March 23). Egyptian proptech startup Nawy raises $52M to expand in MENA. Retrieved March 24, 2022, from https://techcrunch.com/2022/03/23/egyptian-proptech-startup-nawy-raises-52m-to-expand-in-mena/ [2] MENAbytes. (2022, March 23). Egyptian proptech startup Nawy acquires SmartCrowd to expand into the GCC. Retrieved March 24, 2022, from https://menabytes.com/egyptian-proptech-startup-nawy-acquires-smartcrowd-to-expand-into-the-gcc/
With the recent $52 million Series A funding, Nawy has aggressive plans to integrate AI capabilities and expand its business in the MENA region, focusing on areas like home financing, brokerage, and fractional ownership. This growth also involves investing in technology to offer a full range of proptech services, including real-estate, and has resulted in the acquisition of SmartCrowd, a Dubai-based fractional property investment platform, in order to establish a dominant presence in the MENA proptech market.
