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Estate Waves launches Meta Egypt, and expands the proptech ecosystem in Africa

Article Summary

  • Coldwell Banker Egypt and Estate Waves launch Meta Egypt, a prop-tech platform showcasing over 450 projects and 30,000 units from Egypt’s largest real estate firms, with an investment amount of EG 150B ($4.9M).
  • Meta Egypt aims to increase visibility and provide information to investors, addressing the challenge of inadequate information in Africa’s real estate market.
  • Meta Egypt joins other notable prop-tech companies in Africa, including Nawy Estate in Egypt, Mubawab in Morocco, Estate Intel in Nigeria, Flow Living in South Africa, and Jumba in Kenya, all contributing to the growth of the prop-tech industry in their respective regions.

Coldwell Banker Egypt partnered with Estate Waves to launch a prop-tech platform dubbed Meta Egypt, in an official press conference that was made on 10th May 2023.

In the announcement, Meta Egypt is expected to showcase over 450 projects and over 30,000 residential, commercial, and administrative units from 100 of Egypt’s largest real estate development firms. Notably, the investment amount for Meta amounted to EG 150B ($ 4.9M), from an undisclosed source.

Meta Egypt’s launch comes at a time when Africa’s proptech industry is gaining popularity to tackle the challenge of inadequate information, which has been a key setback impacting the Real Estate Market and its investments.

As a prop-tech platform, Meta will increase the visibility of Egypt’s property market to various parts of the world, by shedding more light on various properties and their compositions, as well as aiding investors in making informed investments in the property market.

That being said, it will join other prop-tech companies spread across Africa as but not limited to;

1. Nawy Estate

Founder and CEO: Mostafa Beltag

Company Name: Nawy Estate

Sector: Brokerage And Property Financing Services

Key Regions: Egypt

Highlighted Investors: Sawiris Family

Investment Amount:  $ 5 Million

Year: February 2022

Nawy Estate is an Egyptian prop-tech startup founded in 2016, by a team consisting of Mostafa Beltag, Abdel-Azim Osman, Aly Rafea, Ahmed Rafea, and Mohamed Abou Ghanima. Nawy platform, or the ‘Move In Pay Later’ service, gives customers the chance to move into a home with payment plans of up to 10 years.

2. Mubawab, Morocco

Founder: Kevin Gormand

Company Name: Mubawab

Sector: Real Estate Data Listing

Key Regions: Morocco

Highlighted Investors:  Dubizzle Group

Investment Amount:  $ 10 Million

Year: March 2021

Mubawab is an online listing portal for properties based in Morocco, that are both for sale and rent. It was founded in 2010 to provide Real Estate data and solutions to Arabic communities such as Morocco, Egypt, Europe and Lebanon among others. Currently, the platform has 123,956 properties in Morocco listed on it.

3. Estate Intel, Nigeria

Founder: Dolapo Omidire

Company Name: Estate Intel Inc.

Sector: Real Estate Data and Analytics

Key Regions: Nigeria, Ghana, Kenya, Côte d’Ivoire, Morocco, Egypt

Highlighted Investors:  MetaProp.

Investment Amount:  $ 0.5 Million

Year: September 2022

Estate Intel is a data platform that helps organizations interacting with the Real Estate and construction industry make faster and smarter decisions. The research and data company headquartered in Nigeria started as a blog in 2016 and joined the largest Proptech Accelerator Program in the world, Metaprop, in 2021. In December 2022, the company emerged as Africa’s Proptech Company of The Year, in the  Africa Housing Awards. For more information on other prop-tech companies in Nigeria, please click here.

4. Flow Living, South Africa

Co-Founder and CEO: Daniel Levy

Gil Sperling

Company Name: Flow Living

Sector: Real Estate Data Listing and Blog

Key Regions: South Africa

Highlighted Investors:  Futuregrowth Asset Management

Investment Amount:  $ 4.5 Million

Year: January 2023

Flow Living is a proptech company with headquarters in Johannesburg, South Africa. It was founded in January 2019. Flow creates ads from listings and brand profiles and targets them to clients through various social media platforms such as Digital Billboards, Google, Instagram, and Facebook.

5. Jumba Kenya

Founder: Kagure Wamunyu

Company Name: Jumba

Sector: Construction Technology

Key Regions: Kenya

Highlighted Investors:  LocalGlobe

Investment Amount:  $ 4.5 Million

Year: February 2023

Jumba is a construction technology company based in Nairobi Kenya. It was founded in April 2022. Jumba helps source data, pricing and construction materials, under one marketplace. Additionally, the platform provides data for manufacturers and suppliers of construction materials.

The addition of Meta Egypt into the Africa Proptech ecosystem will help solve a unique problem in Africa’s Real Estate Market with a focus on Egypt, which has been the hurdle of accessing information. Other major objectives this product hopes to solve include bridging the gap between property buyers and sellers and enabling investors to make informed decisions.

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Author: Linah Amondi

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