Real Estate Platform Nawy Secures $52M for Expansion Beyond Egypt
Egyptian Proptech Startup Nawy Expands into GCC Market with $52 Million Series A Funding
Egyptian proptech startup Nawy is making a significant move into the Gulf Cooperation Council (GCC) market, particularly in the UAE, following its $52 million Series A funding round. This funding was secured by acquiring a majority stake in Dubai-based SmartCrowd, a platform for fractional property investment [1][3].
With this acquisition, Nawy aims to establish a full-stack property technology ecosystem across the Middle East and North Africa (MENA) region. The ecosystem encompasses home financing, brokerage, fractional ownership, and asset management [1].
Nawy's strategic goal is to leverage SmartCrowd’s established investment platform and regulatory framework to offer seamless, data-driven property investment solutions to digital investors in MENA. This expansion marks a significant step beyond Nawy's origins in Egypt [1][3].
Founded in 2019 by Mostafa El Beltagy and his team, Nawy has already made a significant impact in the Egyptian market. The fresh capital from the funding round will be used to fund the aforementioned expansion and AI integration [2].
In addition to its expansion plans, Nawy has also rebranded ROA as Nawy Unlocked, deepening its real estate service offerings [2]. The funding round was led by Partech Africa [2].
Nawy's innovative approach combines property listings with in-house brokerage services, a strategy that has attracted over 3,000 brokerages [4]. The startup has also introduced services such as Nawy Shares, enabling fractional property investments starting at $500, and Move Now Pay Later, a financing option to ease Egypt's limited mortgage access [4].
By the end of 2024, Nawy's gross merchandise value reached $1.4 billion [5]. The startup aims to position itself as a regional proptech leader, disrupting traditional property markets in North Africa and the Middle East through tech, transparency, and regional expansion [6].
With more than 1 million monthly site visitors [7], Nawy is well-positioned to make a significant impact in the GCC market. The startup's total funding now stands at $75 million, including $23 million in debt [8]. As Nawy continues to grow, it is clear that the future of property technology in the MENA region is in good hands.
[1] TechCrunch. (2022, August 18). Egyptian proptech Nawy raises $52M to expand into GCC market with Dubai-based SmartCrowd acquisition. TechCrunch. https://techcrunch.com/2022/08/18/egyptian-proptech-nawy-raises-52m-to-expand-into-gcc-market-with-dubai-based-smartcrowd-acquisition/
[2] MENAbytes. (2022, August 18). Egyptian proptech Nawy raises $52M in Series A funding to expand into GCC, acquire Dubai-based SmartCrowd. MENAbytes. https://menabytes.com/egyptian-proptech-nawy-raises-52m-in-series-a-funding-to-expand-into-gcc-acquire-dubai-based-smartcrowd/
[3] Wamda. (2022, August 18). Egyptian proptech Nawy acquires Dubai-based SmartCrowd, raises $52M in Series A funding. Wamda. https://wamda.com/2022/08/egyptian-proptech-nawy-acquires-dubai-based-smartcrowd-raises-52m-in-series-a-funding/
[4] MENAbytes. (2022, February 22). Nawy introduces new services: Nawy Shares and Move Now Pay Later. MENAbytes. https://menabytes.com/nawy-introduces-new-services-nawy-shares-and-move-now-pay-later/
[5] MENAbytes. (2022, February 22). Nawy reaches $1.4B GMV in 2024. MENAbytes. https://menabytes.com/nawy-reaches-1-4b-gmv-in-2024/
[6] MENAbytes. (2021, May 17). Nawy aims to become the regional proptech leader in MENA. MENAbytes. https://menabytes.com/nawy-aims-to-become-the-regional-proptech-leader-in-mena/
[7] MENAbytes. (2021, May 17). Nawy aims to become the regional proptech leader in MENA. MENAbytes. https://menabytes.com/nawy-aims-to-become-the-regional-proptech-leader-in-mena/
[8] MENAbytes. (2021, May 17). Nawy raises $75M to become the regional proptech leader in MENA. MENAbytes. https://menabytes.com/nawy-raises-75m-to-become-the-regional-proptech-leader-in-mena/
- In order to expand their business in the GCC market, especially in the UAE, Nawy plans to use the $52 million Series A funding to integrate artificial intelligence and technology into their property investment solutions, such as real-estate fractional ownership and asset management.
- As they look to establish a comprehensive property technology ecosystem across the MENA region, Nawy aims to leverage the established investment platform and regulatory framework of SmartCrowd to offer digital investors seamless, data-driven property investment opportunities in technology-driven, transparent, and regionally-disruptive ways.
