With A USD 75 M Raise, Egypt’s Nawy Chases Ambitious Proptech Makeover

Egypt’s Nawy has raised a USD 52 M Series A equity round, one of the largest for an African proptech startup, alongside an additional USD 23 M in debt financing, as it positions itself to reinvent how real estate works across the Middle East and North Africa.

The round, led by Partech with backing from e& Capital, March Capital, DPI via Nclude, VKAV, and Shorooq, is a major endorsement of Nawy’s full-stack model, which blends listings, embedded finance, and asset management in a region ripe for disruption.

Founded in 2019 out of frustration with Egypt’s fragmented and opaque housing market, Nawy’s rise has tracked the shifting dynamics of real estate in MENA. From a simple listings platform, it has evolved into an ecosystem that includes mortgage financing (Nawy Now), fractional ownership (Nawy Shares), property management (Nawy Unlocked), and a B2B enablement tool used by over 3,000 brokerages.

Its growth is impressive: GMV surpassed USD 1.4 B in 2024, and revenue has jumped 50x in dollar terms over the past four years, the company claims, even as the Egyptian pound lost nearly 70% of its value. The startup is led by CEO Mostafa El Beltagy, who launched the company launched the company alongside co-founders Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima and Aly Rafea.

What’s powering this resilience is Nawy’s alignment with the region’s emerging real estate profile; young, tech-savvy buyers seeking flexibility and speed, and a market traditionally devoid of structured financing options. Its “Move Now, Pay Later” offering has found strong traction in Egypt, where mortgage penetration remains among the lowest globally. The new USD 23 M debt facility from Egyptian banks will further fuel this product, effectively filling a systemic credit gap.

The company is now setting its sights beyond Egypt, targeting Saudi Arabia, Morocco, and the UAE as next stops, markets with high real estate activity but also stiff competition. Nawy’s strategy includes acquisition-led expansion, as seen in its recent buyout of home-finishing startup ROA, now rebranded as Nawy Unlocked.