New Delhi, May 16 -- Nawy, an Egyptian proptech startup that offers a full stack of the real estate ecosystem, led funding activity in the Middle East and North Africa region this week, securing growth capital from top venture capital funds in the region.

Artificial intelligence emerged as a key theme, with key AI startups securing growth-stage funding. These include Saudi Arabian company WakeCap, which offers AI-driven construction solutions, and the UAE-based AI company AqlanX.

The region also saw the launch of a slew of AI-focused investment vehicles. Saudi Arabia-based venture capital firm STV secured backing from Google for its $100 million AI fund. The fund will focus on early-stage ventures building application-layer AI solutions, localized AI models, and supporting infrastructure.

Wyld VC, a Saudi early-stage venture capital firm, also launched its inaugural $50 million AI-native fund to support AI founders in the MENA region.

Nawy

Egypt-based proptech platform Nawy raised $52 million in a Series A equity round led by Partech to scale its operations, enhance its technology stack, and accelerate regional expansion. The round also saw participation from e& Capital, March Capital, VKAV, DPI via Nclude, VentureSouq, Shorooq Partners, and others.

It also secured an additional $23 million in debt financing from major Egyptian banks to support its growing mortgage offering, Nawy Now.

Nawy was founded in 2019 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy. It offers a full-stack real estate ecosystem including mortgage financing, fractional ownership, asset management, and B2B brokerage enablement.

Nawy's expanding product portfolio includes Nawy Now mortgage financing product, Nawy Shares (fractional ownership), Nawy Unlocked (property finishing, asset management, and rental monetisation), and Nawy Partners, which provides brokerages with exclusive tools, tech-driven sales enablement, and enhanced commissions.

The latest round comes over three years after Nawy closed a $5 million seed funding round, led by the Sawiris family office.

WakeCap

Saudi Arabian company WakeCap secured $28 million in a Series A round led by UP.Partners, to fuel geographical expansion. The round also saw participation from Graphene Ventures and investors across the US, Saudi Arabia, and Asia.

Founded in 2017 by Hassan Albalawi and Ishita Sood, WakeCap is a sensor-powered project intelligence and controls platform that transforms construction project management through live, site-wide visibility across workforce, safety, productivity, and progress. Its technology protects and empowers job site workers, making construction sites safer and more reliable places to work.

Its clients include Aramco, NEOM, Qiddiya, and King Salman Park, besides global projects in the UAE, the US, and Japan.

It aims to use the funding to expand within Saudi Arabia and into regional and international markets, and to further enhance its data analytics and digital integration capabilities in the construction sector.

In April 2022, WakeCap had raised an undisclosed investment from Wa'ed.

Kilow

Saudi Arabia-based healthtech platform Kilow raised $2.5 million in seed funding led by Sanabil Venture Studio, in partnership with Stryber, to scale its operations.

Founded in 2024 by Fahed Al-Essa, Kilow offers tailored treatment plans, medical consultations, and real-time health tracking. It also integrates with smart devices and provides at-home lab testing for a comprehensive user experience.

The capital raised will be used to back the company's efforts to scale its AI-powered, personalized weight management platform.

AqlanX

The UAE-based AI company AqlanX, which automates business processes, secured a $10 million investment from global venture studio Lakeba Group through its AI venture DoxAI.

Founded in 2025 by Demetrio Russo, AqlanX builds Arabic-first, UAE-made AI technologies that focus on improving operational efficiency, automating processes, and transforming enterprise document management.

The funding will accelerate AqlanX's plan to localise and scale DoxAI's enterprise automation solutions across the Middle East.

The deal was part of the NextGen FDI programme to catalyse strategic, cross-sector partnerships.

Published by HT Digital Content Services with permission from VC Circle.