Real Estate Platform Nawy Secures $52M Funding to Expand Operations Beyond Egypt's Borders
Egyptian Proptech Startup Nawy Expands into GCC Market and Secures $52 Million in Funding
Nawy, the Egyptian proptech startup founded in 2019 by Mostafa El Beltagy and his team, has made significant strides in the real estate sector. The company has recently announced its entry into the GCC market by acquiring a majority stake in UAE-based SmartCrowd, a fractional property investment platform headquartered in Dubai. Additionally, Nawy has acquired the asset management and home finishing startup ROA, rebranding it as Nawy Unlocked this year.
The company's growth is further bolstered by a $52 million Series A funding round, led by Partech Africa. The fresh capital will fund the expansion and integration of AI capabilities in Nawy's operations. The company aims to position itself as a regional proptech leader by integrating more AI capabilities.
Nawy's unique business model, which involves paying brokers commissions upfront, has attracted over 3,000 brokerages. The company combines real estate listings with in-house brokerage services and has introduced services such as Nawy Shares for fractional property investments starting at $500 and Move Now Pay Later, a financing option to ease mortgage access in Egypt.
With over 1 million monthly site visitors and $1.4 billion in gross merchandise value, Nawy has grown over 50x in dollar terms since its launch. The company's goal is to disrupt traditional property markets in North Africa and the Middle East through tech, transparency, and regional expansion.
Regarding entry into Morocco and Saudi Arabia, while there is no direct mention of Nawy's presence or plans to enter these countries specifically, the potential for growth in these markets is significant. Morocco is launching a $4.2 billion plan to expand infrastructure such as airports, and Saudi Arabia's Sumou Holding plans a $1 billion real estate fund targeting Egypt and other high-potential projects. However, these involve different companies and not Nawy.
Nawy's total funding now stands at $75 million, including $23 million in debt. The company has not provided details on the amount of fresh capital raised nor has it specified how the acquisition of ROA will affect its brokerage model. Despite these uncertainties, Nawy's expansion and funding are clear indicators of its commitment to revolutionising the real estate sector in the region.
[1] TechCrunch. (2022, October 27). Egyptian proptech startup Nawy raises $52M Series A to deepen its real estate service offerings. TechCrunch. https://techcrunch.com/2022/10/27/egyptian-proptech-startup-nawy-raises-52m-series-a-to-deepen-its-real-estate-service-offerings/
[2] MENAbytes. (2022, October 27). Egyptian proptech Nawy raises $52M Series A funding to accelerate growth in North Africa and the Middle East. MENAbytes. https://menabytes.com/2022/10/egyptian-proptech-nawy-raises-52m-series-a-funding-to-accelerate-growth-in-north-africa-and-the-middle-east/
[3] Disrupt Africa. (2022, October 27). Egyptian proptech startup Nawy raises $52m Series A to expand in North Africa and the Middle East. Disrupt Africa. https://disrupt-africa.com/2022/10/27/egyptian-proptech-startup-nawy-raises-52m-series-a-to-expand-in-north-africa-and-the-middle-east/
[4] Wamda. (2022, October 27). Nawy raises $52 million to expand its operations in North Africa and the Middle East. Wamda. https://wamda.com/2022/10/nawy-raises-52-million-to-expand-its-operations-in-north-africa-and-the-middle-east/
[5] Arabian Business. (2022, October 17). Saudi Arabia's Sumou Holding to launch $1 billion real estate fund targeting Egypt. Arabian Business. https://www.arabianbusiness.com/construction/850491-saudi-arabias-sumou-holding-to-launch-1-billion-real-estate-fund-targeting-egypt
- The expansion of Nawy into the GCC market, led by its acquisition of SmartCrowd, is a strategic move that combines business and technology to revolutionize the real estate sector in the region.
- With the $52 million Series A funding round led by Partech Africa, Nawy aims to integrate technology and artificial intelligence into its operations, positioning itself as a leader in the finance and technology-driven proptech industry in North Africa and the Middle East.
