Egyptian Proptech Leader Nawy Closes $10M Series B to Fuel Expansion
Egyptian proptech platform Nawy has successfully raised $10 million in a Series B funding round, led by a mix of existing investors, positioning itself for significant expansion within Egypt and potentially the broader MENA region.
Key Details
The $10 million Series B investment round was spearheaded by existing investors, demonstrating continued confidence in Nawy's business model and growth trajectory. Notable participating investors include Sawari Ventures, Egypt Ventures, and Khwarizmi Ventures. The round also saw participation from new investor Attijariwafa Bank alongside additional existing backers. This latest funding infusion brings Nawy's total capital raised to $15.5 million since its inception.
Growth and Traction
Since launching its platform, Nawy has established itself as a key player in the Egyptian real estate market. The company reported achieving an impressive $3 billion in annualized gross merchandise value (GMV) for secondary market transactions (resale and rental properties). Their platform currently lists over 120,000 active properties. In the primary market (new developments), Nawy has facilitated transactions exceeding EGP 11 billion since 2021, highlighting their significant impact on property sales directly from developers. This robust performance underscores their rapid growth and market penetration in a competitive sector.
Strategic Use of Funds
The newly secured capital is earmarked for several strategic initiatives aimed at solidifying Nawy's market leadership and expanding its service offerings. A primary focus will be on launching new verticals, specifically targeting the rentals and mortgage markets. This expansion is expected to create a more comprehensive real estate ecosystem on their platform. Furthermore, Nawy plans to use the funds to enhance its technology stack, improve customer experience, and expand its geographical footprint within Egypt. While the immediate focus remains on the local market, regional expansion into the MENA territory is also a future possibility hinted at by the company.
Market Context
Egypt's real estate sector is one of the largest and most dynamic in the MENA region, presenting significant opportunities for technology-driven solutions. Proptech platforms like Nawy are playing a crucial role in modernizing how properties are discovered, bought, sold, and managed. By integrating various aspects of the real estate transaction lifecycle onto a single platform, Nawy addresses key pain points for both buyers, sellers, renters, and landlords, contributing to increased market transparency and efficiency.
About Nawy
Founded by Mostafa El Beltagy, Mohamed Abou Ghanima, Abdullah Moawad, Ahmed Moawad, and Khaled El Beltagy, Nawy is an Egyptian proptech company offering an end-to-end platform for real estate services. The platform assists users in buying, selling, and now expanding into renting properties across Egypt, covering both primary and secondary markets for residential and commercial real estate. Their technology aims to simplify the property journey through data-driven insights and comprehensive listings.
Looking Ahead
With the Series B funding secured, Nawy is poised to accelerate its growth, particularly through the launch of its new rental and mortgage services. This strategic expansion into crucial real estate verticals, coupled with continued technological development and potential geographical outreach, signals Nawy's ambition to become a dominant force in the Egyptian and potentially the wider MENA proptech landscape, addressing the evolving needs of the region's real estate market.
Source: Yahoo Finance