Nawy, a Cairo-based proptech firm, has raised an impressive $52 million in a series A funding.
This round includes $23 million in debt financing from Egyptian banks, totaling $75 million. The round was led by Africa-focused venture capital firm Partech Africa, marking one of the largest series A raised ever for an African startup. Other investors involved in the round include Nclude Fund, e& Capital, Endeavor Catalyst, HOF Capital, March Capital and several others.
The funding will enable Nawy to expand into North Africa and the Middle East, including markets like Morocco, Saudi Arabia and the UAE.
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“We’re excited to support Nawy as they build the foundation for a modern, tech-driven real estate experience,” said Tidjane Deme, general partner at Partech. “Their team has deep market insights, coupled with ambitious regional expansion plans and exceptional execution, positioning them as the clear proptech champion in Africa and the Middle East.”
In Egypt, finding the right home has always been a stressful process, as people deal with commission-driven brokers, and facing developers more focused on selling than serving.
Nawy launched to help solve this challenge and bring efficiency and transparency to the market. Co-founded in 2016, by Mostafa El Beltagy, Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, and Aly Rafea, Nawy has helped more than 100,000 families easily find the most suitable property to turn into a loving home.
The platform uses machine learning and artificial intelligence to personalize recommendations to its clients, offering choices tailored to their specific needs and preferences to make informed decisions in buying and selling properties. Also, the ease of online navigation, the ability to compare different properties and filter according to personal interests allows customers malleability and short search times.
As a prop-tech property startup, it offers various services to customers including brokerage and property financing services. The property financing or the “Move now, Pay later” service is allowing hundreds of families to immediately move into their dream houses with payment plans of up to 10 years. Notably, Nawy Now service allows customers to move in and pay later with reasonable payment plans. This program tackles the adversity of finding ready to move homes by providing a wide array of competitively priced properties with up to 10 year installment plans.
Additionally, Nawy signed a 1 billion EGP agreement with Contact Financial’s real estate finance subsidiary Med Wealth Funds, to fund the “Move now, Pay later” service. Under the terms of the agreement, Nawy’s customers will be able to buy the property they want while paying overtime.
Nawy is driven by dedication and innovation to be the number one platform for real estate solutions in the region.
Currently, the startup has 200+ employees in numerous departments working passionately to deliver exceptional experiences to our customers. Nawy has a notable tech team that utilizes machine learning and artificial intelligence. In order to develop new cutting-edge technologies and tools to give our customers personalized recommendations.
Since it opened its doors, there have been two investment funding rounds totaling $5 million. Among the investors are well-known successful names in the industry such as the Sawiris Family Office and angel investors such as Etisalat Group’s CEO Hatem Dowidar. The startup is allocating these funds to expand its team, build a better platform and deliver new services.
On a mission to revolutionize the real estate industry, Nawy promises to help each and every one of its customers to make a well-informed decision and buy their dream house.