Nawy, Egypt’s main proptech, acquires majority stake in UAE fractional actual property platform SmartCrowd 

Cairo-based proptech startup Nawy has acquired a majority stake in Dubai-based SmartCrowd, marking its official entry into the GCC market. The transfer comes simply weeks after Nawy introduced a $75 million Collection A fundraise led by e& Capital, with participation from world and regional traders together with Partech, March Capital, and Shorooq Companions. The monetary particulars of the acquisition weren’t disclosed.

SmartCrowd, regulated by Dubai Monetary Providers Authority (DFSA), is thought for pioneering fractional actual property funding within the area, permitting customers to co-invest in income-generating properties with as little as $150. Since its launch in 2018, the platform claims to have facilitated $110 million in transactions and distributed over $40 million in returns, serving customers from greater than 130 nations.

This deal provides Nawy a foothold in Dubai and expands its providing, which now spans property listings, mortgage financing, brokerage, fractional possession, and asset enhancement. It’s additionally the most recent step in Nawy’s technique to grow to be an actual property tremendous app for the MENA area.

Nawy co-founder and CEO Mostafa El-Beltagy known as the acquisition a “excellent match” for its tech-first method. “Collectively, we’re unlocking a brand new period of seamless property funding throughout MENA,” he mentioned.

SmartCrowd’s CEO Riz Ahmed added that becoming a member of Nawy helps speed up its transition from startup to scale-up, constructing what the businesses hope would be the area’s go-to platform for actual property funding.

Earlier this yr, Nawy additionally acquired ROA, a house ending and asset administration startup, rebranding it as Nawy Unlocked. The corporate says its platform now helps over 1 million month-to-month customers and has recorded greater than $3 billion in GMV thus far.

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