For decades, buying property in Egypt means navigating a fragmented real estate market, relying on personal networks, dealing with commission-driven brokers, and more focusing on the customer’s needs.
In 2019, Mostafa El Beltagi Co-founded No To bring transparency and skills in the market. Now itself is the largest propatech platform in Africa, the Nao Africa-centric VC Farm Partak has collected $ 52 million of dollars in the series led by Africa, legalizing the model of property listing with brokerage services.
The round, which includes $ 23 million from the top banks in Egypt, has a total of $ 75 million in total, which is one of the largest series like African startup. In 2022, it raised a round of 5 million seeds led by the wealthiest family of Egypt, Souris.
The CEO El Beltagi’s Proptake journey began with personal frustration. After working for several years in corporate jobs across multiple countries, the former Vodafone executive wanted to invest in real estate in Egypt, a market that many people see as a hedge against inflation and currency depreciation.
However, as he navigated the process of buying the property, the lack of transparency and the incidence of biased consultation became a clear problem.
The CEO mentioned, “I had no way of looking at the market and understanding what was there, the developer was almost developed, lifted their brochurers and asking their sales workers’ questions, which was extremely inefficient,” said the CEO. “Everyone in this sector is encouraged to push you in one or another.”
These challenges managed to create L-Beltagi to help people buy, invest, invest, financing and manage the property. Its model, a property list with brokerage services, combines the platform, separated in an industry that is still involved, dominated by the agents related to offline. The Chief Executive Launched as well as the company Abdel-Azim Osman, Ahmed Rafia, Mohammad Abu Gonima And Oli RafiaThe
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At first, Nao fought to secure these lists. Developers were skeptical about Naw’s standards because it was not big enough to run traffic on their list. On the other hand, the brokers saw Nao as a contestant.
To create confidence, the Naoi introduced the payment of the immediate commission, provided funds, who made their first transaction on the platform of brokers. This transferred feeling, leading to the growth of the mouth, which more than 3,000 brokerage actively accesses the NAVY Partners (its product for brokers), accessing live inventory and flexible payments.
In addition, the Cairo-based propatek attracts more than a million monthly visitors, competing for hundreds of developers for visibility. About 150 developers cover most new build markets in Egypt, Whose value is about 30 billionAccording to El Beltagi, on the basis of 100,000 transactions annually.
Over the past few years, Naoi has developed in a full-stack real estate ecosystem and expanded the list and brokerage services. These include the new shares, a fraction owned product that allows users to invest in the property with at least $ 500, which makes the real estate accessible for the middle -income population of Egypt, which has long been priced.
Furthermore, Naoi has created a mortgage product, “Remove Now Pay”, designed to allow users to buy via installment plans and financing options in such a market where banks rarely provide loans for real estate purchase.
Regarding the embedded finance product, El Baltagi said, “The real estate market is very excited that most people are buying new builds, not re -sale We We believe that this product is capable of being enabled,” “It has been packaged separately because the mortgage is almost non -existent here.” He has added that Nao’s $ 23 million debt facility supports this offer.
Resistance to economic instability?
The Navi’s revenue flow has been diversified in these products, which has lost the Egyptian pound, despite losing 695% of its value, claiming that the company has increased more than 50x in the last four years.
El Beltagi blames most of this growth for the market for real estate as a hedge against inflation and currency depreciation. When the currency crisis influence local needs, expatriates helped offset the arrival of money.
As a result, the profitable Nawai has closed 2024 with more than $ 1.4 billion of total consignment value (GMV) in 2024, more than $ 38 million in 2020.
With fresh capital, Naoi has planned to extend Egypt to North Africa and the Middle East, the territories are rapidly derived as a few committed real estate market in the world. Naoi is targeting Morocco, Saudi Arabia and UAE as its next market (for example in the United Arab Emirates, the platforms like Happy and Property Setener already have strong traction))))
El Beltagi mentions that the company will buy small companies that route. Recently, it has achieved the property management startup and re -branded it as “Naoi Unlocked”, extending its product offers.
According to El Baltgie, the round in the series covers across the two trarts will fund these plans, including the progress of the development of the product and the integration of AI.
Other notable investors participating in the round include the Enclosed Fund of Development Partners International, E& Capital, Endevor Cattle, HF Capital, March Capital Investments, Outliers, Plug and Players, Ventures, Ventures, and Verod Africa.
“We are interested in supporting Nao because they form a modern, technology-driven real estate experience,” said Tedzan Deame, partner partner of Partcha. “Their team has deep market insights, with the ambitious regional extension plan and exceptional editing and their clear propatek champions in Africa and the Middle East.”