In 2024, Egyptian proptech startup Nawy raised a record $75 million in Series A funding. This investment will catalyze its expansion into the MENA region.
Importance of Funding for Nawy's Growth
Nawy, a startup integrating real estate services, received $52 million in equity and $23 million in debt financing. This round was led by the venture capital firm Partech Africa and is one of the largest for African startups.
Nawy plans to expand into Middle Eastern and North African markets, including countries like Morocco, Saudi Arabia, and the UAE.
The History and Mission of Nawy
Founded in 2019 by a group of entrepreneurs including Mostafa El Beltagy, Nawy was inspired by the founder's personal experiences with traditional real estate methods, highlighting inefficiencies and a lack of transparency. This foundation lies at the heart of Nawy's mission to make the real estate market more accessible and transparent.
Customer Offerings and Market
Nawy's platform offers diverse functionalities, including Nawy Shares—a fractional ownership model, and Nawy Now—a mortgage product with installment payment options. These offerings are aimed at Egypt's middle class. Nawy claims its revenue has grown more than 50 times over the past four years, even amid economic challenges in the country.
The recent funding reaffirms Nawy's significance in the proptech sector and heightens investor interest in Egyptian technology. The startup's success could serve as a model for emerging projects in the region.
