Nawy, an Egyptian proptech startup, has secured a $5m seed funding round led by the Sawiris family office.
Founded in 2016 by Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, Mohamed Abou Ghanima, and Mostafa El-Beltagy, Nawy is an online real estate platform that facilitates purchasing and selling property. The proptech startup makes the process simple, hassle-free, and transparent for everyone involved, providing its clients with a first-class.
Nawy’s platform contains a massive database of properties, where the customers can search and filter their options using various criteria, such as unit space, price and location.
This feature provides users with full autonomy over their real estate decisions, as opposed to more traditional methods that involve multiple parties and less-informed decisions.
Additionally, Nawy employs machine learning and artificial intelligence algorithms to develop personalised recommendations for their clients, in addition to offering homes that are more appropriate for their specific requirements and preferences.
So far, the company has assisted over 60,000 individuals to locate their ideal homes, sold over $200 million worth of properties, and helped thousands of families purchase their dream homes. The company has witnessed growth this year on the back of its fundraising, where the annualised year on year growth at exit is 5.4 times the prior year.
Nawy, CEO Mostafa El Beltagy said: “I truly believe that technology is still scratching the surface when it comes to enabling and supporting the real estate industry in Egypt. Even though we have accomplished a lot in a short time span, the opportunities we have in front of us to provide more services and capitalise on digital technologies, are still tremendously larger.
“We will be restless in expanding our business with the goal to truly transform the real estate market in the region, making the decision making the process much more informed and transparent for the customers.”
“We were one of the initial investors in Nawy because we saw the company’s potential and shared its ambition. We immediately increased our investment when we realised how quickly they were expanding and saw the company’s trajectory coming to life. We are very excited about what the future holds especially as Nawy expands its services and furthers its momentum in the real estate market,” commented Onsi Naguib Sawiris, who leads the family office.
