For decades, the purchase of property in Egypt means moving in the fragmented real estate market, relying on personal networks, dealing with the mediators who move the commission, and confronting developers more focused on selling more than customer needs.
In 2019, Mostafa El BelTagy Participate in the establishment Intend To bring transparency and efficiency to the market. After Nawy is now placed in its position as the largest Proptech platform in Africa, it raised $ 52 million of financing from the series A, led by the VC Africa that focuses on Africa, which led to the validity of its model in combining real estate lists and brokerage services.
The tour, which also includes 23 million dollars of debt financing from the best banks in Egypt, reaches a total of $ 75 million, one of the largest series to start an African operation. In 2022, a A seed tour of $ 5 million Leaded by the family of Egypt, the richest family, the Suiris.
The EL BelTATY CEO’s trip started with POPTECH with personal frustration. After several years of working in corporate jobs across multiple countries, the former Vodafone official wanted to invest in real estate in Egypt, a market that many people see as a hedge against inflation and a decrease in the value of the currency.
However, as he moved in the process of purchasing property, the lack of transparency and the spread of biased advice became flagrant problems.
“I had no way to look at the market and understand what was present, regardless of going to the developer almost by the developer, capturing their brochures and asking their delegates, which were very ineffective,” Narrated by the CEO. “In this sector, everyone is motivated to push you in one way or another.”
These challenges have led to the construction of Nawy to help people buy property, sale, investment, finance and property management. Its model, which combines the platform of real estate list and mediation services, dismantled it in an industry that is still agents through firm relationships that are not connected to the Internet. CEO launched the company along with Abdul Asr Othmanand Ahmed Raviaand Muhammad Abu Ghaneima and Ali Ravia.
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Initially, Nawi struggled to secure these lists. The developers were skeptical of the value of the Nawy because it was not large enough to push traffic to their lists. The brokers, on the other hand, saw Nawi as a competitor.
To build confidence, Nawy provided instant commission payments, funded in advance, to the brokers who treated their first on the platform. This feelings that turned, which led to the growth of a word that has seen more than 3000 brokerage companies using Nawy Partners (its brokers product), access to direct stocks and flexible payments.
In addition, the Cairo -based ProPtech attracts more than one million monthly visitors, with hundreds of developers competing for the vision. About 150 developers cover most of the new construction market in Egypt, Which deserves about 30 billion dollarsBased on 100,000 transactions annually, according to El Beltagy.
Over the past few years, Nawi Extensive Mediation services, develop into a complete real estate ecosystem. This includes the shares of Nawy, a royal product that allows users to invest in property for at least $ 500, which makes real estate within the reach of the average population in Egypt, which has been prolonged for a long time.
In addition, Nawy has developed a mortgage product, “Move Now Pay” later, designed to allow users to buy through installments and financing options in the market where banks rarely offer loans to real estate purchases.
“The real estate market is very unbalanced in the sense that most people buy a new building, not reselling it. We believe that enabling this product will lead to some transformation,” said El Beltagy on the integrated financial product. “It is filled differently because real estate loans are almost not present here.” He added that the $ 23 million Dion facility supports this offer.
Funny of economic fluctuations?
These products have diversified Nawy revenue flows, which the company claims to have grown more than 50x in dollars over the past four years, although the Egyptian pound loses 69 % of its value.
EL BelTagy attributes a lot of this growth to the market demand for real estate as a hedge against inflation and the low value of the currency. While the currency crisis affected the local demand, the flow of expatriate funds helped compensate for the decline.
As a result, the profitable Nawy closed 2024 with more than $ 1.4 billion of the total value of goods (GMV), up from $ 38 million in 2020.
With Capital Capital, Nawy plans to expand beyond Egypt to North Africa and the Middle East, and the regions have emerged quickly as some promising real estate markets in the world. Nawy is targeting Morocco, Saudi Arabia and the UAE state as the following markets (in the United Arab Emirates, for example, such as platforms like Hatsbi And the property discoverer already has a strong traction.)
EL BelTagy states that the company will buy smaller companies along the way. Recently, it has acquired the Roa Startup Property Management Company and renamed as “Nawy Unlocked” and expanding its products offers.
The series A series, which has been raised through slices, will fund these plans, including the progress of the development of products and the integration of artificial intelligence through Nawy operations, according to El Beltagy.
Among the other prominent investors participating in the tour NCLUDE FUND, E& Capital, Endavor Catalyst, Hof Capital, March Capital Investments, Outside, Play, Shorooq Partners, Venturesouq, Verod -KPLE Africa Ventures.
“We are excited to support Nawy while building the foundation for a modern real estate experience with technology,” said Tidjane Deme, Partecher. “Their team has visions in the deep market, as well as the ambitious regional expansion plans and exceptional implementation, and put them as a clear hero in Africa and the Middle East.”
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