For decades, buying property in Egypt means visiting a scattered real estate market, relying on personal networks, dealing with commissioned brokers, and more focusing on sales by serving customer needs.
In 2019, Likestia Partner Nevi Transparency and performance in the market. Now, holding itself as Africa’s largest propaganda platform, Navi has collected 52 million Million in the series A Fund, headed by African -based VC firm Partic Africa, which has attributed the list of property to brokerage services.
The round, which includes financing 23 million loans from Egypt’s top banks, has reached $ 75 million, one of the largest series for the African start. In 2022, he picked up Million 5 million seeds round Egypt’s most wealthy family headed by Savas.
The journey of CEOL Beltagi in the propactic began with personal frustration. After working for many years in corporate jobs in several countries, former Vodafone executives wanted to invest in real estate in Egypt, a market many people see as hedge on inflation and currency value.
However, when he navigated the property purchase process, the lack of transparency and the spread of discriminatory advice became clear problems.
The CEO said, “I had no way to see and understand the market, in addition to going to the developer by the developer, raising their brochures and asking their sellers questions, who were extremely inactive.” “In this field, everyone is encouraged to push you on one way or the other.”
Due to these challenges, L. Beltji created a new one to help people buy, sell, invest, finance and property management. Its model, by connecting the property listing platform with brokerage services, is separated into an industry that still has agents underline, offline relationships. Chief Executive launched the company as well as the company Abdul Azim UsmanFor, for, for,. Ahmed RafiaFor, for, for,. Mohammed Abu Ghanima And Eli Rafia.
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To make real estate accessible
First, the newborn struggled to secure these lists. Developers were skeptical about the value of the new because it was not large enough to take the traffic to their list. On the other hand, the brokers saw the new as a competitor.
To enhance confidence, the Navi immediately introduced the commission’s payment, which has been funded, the brokers who made their first transaction on the platform. It changed emotions, which resulted in a literal growth in the mouth, which has directly accessed inventory and flexible payments, using more than 3,000 brokerage actively using new partners (this product for brokers).
In addition, Cairo -based propaganda attracts more than one million monthly visitors, in which hundreds of developers compete for the Merit. About 150 developers cover most of the new blood market in Egypt, Which is worth about $ 30 billionAccording to El Beltagi, 100,000 transactions annually.
In the past some years, the new Proceeded to the listing And brokerage services are developed in a complete stack real estate ecosystem. It includes new shares, a partial -owned product that allows consumers to invest in property with at least $ 500, which is accessible to the unmanned Egyptian middle -income population, which has been prolonged.
In addition, Navi has developed a mortgage product, “pay now”, which is designed to allow consumers to buy through installment projects and financing options in the market, where the bank hardly offers property loans loans.
“The property is very low in the sense that most people are buying new construction, not selling again, we are sure that activation of this product will change a bit,” said El Beltagi. “This mortgage is packed differently because the mortgage is almost non -non -existent.” He added that the new $ 23 million loan support supports the offer.
Economic fluctuations?
These products have described the newcomer’s revenue as diverse, claiming that the company has increased the dollar terms by more than 50x over the past four years, yet the Egyptian pound has lost 69 % of its price.
L. Beltagi, most of the part of this development, declares market demand for real estate as a hedge on inflation and currency value. Although the currency crisis affected local demand, the arrival of foreign money helped to meet the drop.
As a result, the profitable new 2024 closed in 2024 with a gross trade price (GMV) of more than $ 1.4 billion, which was $ 38 million in 2020.
Along with the fresh capital, the navy plans to spread North Africa and the Middle East beyond Egypt, the region is rapidly emerging as the world’s most passionate property as an immovable markets. New Morocco, Saudi Arabia, and the United Arab Emirates are targeting as their next markets (for example in the United Arab Emirates, such as platforms Hiccups And the property finder already has a strong traction.)
El Beltagi has mentioned that the company will buy small companies on the way. Recently, he acquired Property Management Startup ROA and named it as “Navi Unlock”, which increased the offer of its products.
According to El Beltagi, the series A round, which has been raised in two installments, will fund these projects, which include advancing product development and connecting AI to the new process.
Other notable investors participating in the round include Development Partners International’s N -Club Fund, E&C Capital, Andrew Catalist, HOF Capital, March Capital Investment, Outlors, Plug and Play, Shore Cue Partners, Vanchats, Vanchats, and Wordendo.
“We are excited to support the new because they develop a modern, tech real estate experience,” said Ted Jane Dam, the general partner of the Partie. “His team has a deep market for the market, as well as regional expansion, with the implementation plans and extraordinary implementation, he has been positioned as a clear propaganda champion in Africa and the Middle East.”