Egyptian property tech start-up Nawy received $52 million in Series A funding to get into new markets in the Middle East and North Africa (MENA).
According to the start-up, the funding includes $23 million in debt financing from Egyptian banks to help it expand its mortgage offerings.
The fundraising project was co-led by investors Partech, e& Capital, March Capital Investments, Development Partners International (DPI), Verod-Kepple Africa Ventures, Endeavour Catalyst, Shorooq, VentureSouq, HOF Capital, Outliers Venture Capital, and Plug and Play Tech Centre.
The fresh investment will enable Nawy to strengthen its artificial intelligence and data infrastructure skills as it plans to expand across the MENA region.
Partech reports that the company concluded 2024 with over $1.4 billion in Gross Merchandise Value and a monthly user base of more than one million.
Most impressively, according to the investor, Nawy has achieved 50 times revenue growth in USD terms over the last four years, despite a 69% devaluation of the Egyptian pound.
Commenting on the funding, Tidjane Deme, general partner at Partech Africa, said: “The team has deep market insights, coupled with ambitious regional expansion plans, and exceptional execution, positioning it as the clear prop-tech champion in Africa and the Middle East.”
“DPI VC backs bold founders who are redefining critical sectors across Africa and the Middle East through scalable, technology-driven solutions. Nawy’s integrated model and regional growth ambitions align with our commitment to supporting businesses driving long-term impact and innovation,” added DPI.
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