Egypt’s Nawy Raises $52M to Expand Proptech Dominance Across MENA
Cairo, May 12, 2025 — Nawy, Africa’s largest property technology (proptech) platform, has secured $52 million in a Series A funding round, one of the largest for an African startup, to fuel its expansion across the Middle East and North Africa (MENA) region. The Cairo-based company, which has transformed Egypt’s fragmented real estate market, also secured $23 million in debt financing from top Egyptian banks, bringing the total capital raised to $75 million.
Founded in 2016 by Mostafa El Beltagy, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mohamed Abou Ghanima, Nawy—initially launched as Cooing—combines an AI-driven property listing platform with brokerage services, offering a seamless, transparent home-buying experience. The funding round, led by Partech Africa and supported by investors including Development Partners International’s Nclude Fund, e& Capital, Endeavor Catalyst, HOF Capital, and Shorooq Partners, validates Nawy’s innovative model and its potential to disrupt real estate markets beyond Egypt.
Nawy’s platform, which attracts over a million monthly visitors, serves Egypt’s $30 billion new-build market, driven by approximately 150 developers and 100,000 annual transactions. The company reported a gross merchandise value (GMV) of $1.4 billion in 2024, a dramatic increase from $38 million in 2020, despite the Egyptian pound’s 69% devaluation. CEO Mostafa El Beltagy attributes this 50x revenue growth to real estate’s role as a hedge against inflation and an influx of expatriate investments, which offset local demand declines during Egypt’s currency crisis.
The company has evolved into a full-stack real estate ecosystem, introducing innovative products like Nawy Shares, a fractional ownership model allowing investments as low as $500, and Move Now Pay Later, a mortgage alternative offering installment plans in a market where traditional bank loans are scarce. Nawy’s recent acquisition of property management startup ROA, rebranded as Nawy Unlocked, further expands its offerings. These services aim to make real estate accessible to Egypt’s middle-income population, long priced out of the market.
With the fresh capital, Nawy plans to enter Morocco, Saudi Arabia, and the UAE—markets with established proptech players like Huspy and Property Finder—through organic growth and strategic acquisitions. The company will also enhance its AI-driven tools, integrating machine learning to personalize recommendations and streamline transactions. “We’re building the foundation for a modern, tech-driven real estate experience,” said Tidjane Deme, general partner at Partech, praising Nawy’s market insights and ambitious expansion plans.
Nawy’s rise reflects the growing proptech trend in MENA, where the sector attracted $70 million in investments in 2023, down from $101 million in 2022, but poised for growth in booming markets like Egypt and Saudi Arabia. Posts on X celebrated the funding, with @TechCrunch noting Nawy’s position as Africa’s proptech leader and @ZTO__MENA highlighting the diverse investor pool.
Since its inception, Nawy has assisted over 60,000 individuals, sold $200 million in properties, and achieved a 5.4x year-on-year growth rate in 2022, following a $5 million seed round led by the Sawiris family, Egypt’s wealthiest. The company’s success in digitizing a traditionally opaque market positions it to redefine real estate across MENA, challenging outdated practices and empowering buyers with data-driven decisions.