Purchasing real estate in Egypt for decades meant a developer who explored the fragmentary real estate market, relied on a personal network, dealt with commission -oriented brokers, and focused more on sales than to meet the needs of customers.
In 2019, Mostafa El Beltagy jointly established NAWY to launch transparency and efficiency in the market. NAWY, which is currently the largest proptech platform in Africa, has raised $ 52 million in a series A funding led by African -centered VC FIRM PARTECH Africa, which combines a model that combines a list of real estate with brokerage services.
The round, which includes $ 23 million in debt financing of Egyptian Banks, offers a total of $ 75 million, a total of $ 75 million, like African new companies. In 2022, it raised a $ 5 million seed round led by Sawiris, Egypt’s richest family.
Travel to El Beltage’s CEO Proptech began with personal frustration. After working in a corporate job in several countries, former Vodafone executives wanted to invest in Egyptian real estate. This is considered as a hedge for inflation and currency evaluation.
But as he explored the process of buying a real estate, the lack of transparency and the prevalence of biased advice became a remarkable problem.
The CEO said, “I had no way to understand what the market was looking at the market, the developer was almost a developer, picking up brochures, and asking a salesperson’s question.” In this field, everyone is incentive to push you in any way. “
These tasks have led to the construction of NAWY, which helps people help to buy, sell, invest, finance and manage their property. The model that combines the real estate list platform with the brokerage service is still differentiated in the industry where agents still have an offline relationship. The chief executives started their company with Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima and Aly Rafea.
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Initially, NAWY struggled to secure this list. Developers were skeptical about NAWY’s value. Because it’s not enough to induce traffic to your list. On the other hand, the broker saw NAWY as a competitor.
To build trust, NAWY introduced immediate commission payments to the broker who made the first deal on the platform. This feeling has changed emotions, using NAWY Partners (broker products), and more than 3,000 brokers actively see more than 3,000 brokers and access live inventory and flexible payments.
Cairo -based Proptech also attracts more than a million visitors every month, and hundreds of developers compete for visibility. According to El Beltagy, about 150 developers deal with most of the new Egyptian new build markets, according to El Beltage, based on $ 100,000 each year.
Over the past few years, NAWY has expanded beyond listing and brokerage services and has developed into a full -stack real estate ecosystem. This includes NAWY Shares, a few ownership products that users can invest in real estate of $ 500 or more, allowing Egyptian intermediate income population to access real estate for a long time.
NAWY also developed “Move Now Pay”, a mortgage product designed so that a bank can buy through installment plans and financial options in a market where banks rarely provide loans to real estate purchases.
El Beltagy said of the built -in financial products, “The real estate market is very burned in the sense that most people buy new buildings, not re -selling. We think that a slight change will occur if this product is possible.” He added that it supports the proposal.
Is there immunity to economic volatility?
These products have diversified NAWY’s revenue sources, and despite the loss of 69%of the Egyptian pounds, the company claims that it has increased more than 50 times over the last four years.
El Beltagy is a hedge for inflation and currency evaluation that many parts of these growth affect the market demand for real estate. Although the currency crisis affected local demand, the inflow of foreign funds helped to offset the fall.
As a result, the profitable NAWY closed the total product value (GMV) of $ 38 million to $ 1.4 billion in 2024 in 2024.
NAWY plans to expand beyond Egypt through the new capital to North Africa and the Middle East, and the region is rapidly emerging as part of the world’s most promising real estate market. NAWY is aiming for Morocco, Saudi Arabia, and UAE as the next market (for example, in the UAE, platforms such as HUSPY and Propert Finder are already strong.)
El Beltage mentions that the company will buy a small company in the process. Recently, the company has acquired the real estate management startup ROA and has changed the product to “NAWY Unlocked” to expand its product offering.
According to El Beltagy, the series A Round raised in the two trenches will support these plans, such as integrating AI over the development of product development and the process of NAWY.
Other notable investors who participate in this round include Development Partners International’s NCLUDE FUND, E & CAPITAL, Endeavor Catalyst, Hof Capital, March Capital Investments, Outliers, Plug There are and play, SHOROOQ Partners, Ventures Africa Ventures.
Tidjane DEME, PARTECH’s general partner, said, “We are pleased as NAWY has a modern and technology -oriented real estate experience.” Our team has deep market insights with ambitious regional expansion plans and excellent execution, which is a clear Proptech champion in Africa and the Middle East. I placed it. “