Nawy, an Egyptian proptech startup, has closed its seed funding round, with the Sawiris family office investing $5 million.
“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,” CEO Mostafa El Beltagy said.
The new investment will enable Nawy to develop its operations regionally while also providing more services and capitalizing on digital technologies.
Why The Investor Invested
The startup has acquired substantial traction since it was founded. So far, the company has helped over 60,000 people find their dream homes, sold over $200 million in real estate, and assisted hundreds of families in buying their dream homes. This year, the company has experienced extraordinary growth as a result of its fundraising, with annualized year-over-year growth at exit of 5.4 times the previous year. Nawy, also, now employs more than 200 people.
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“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,” said Onsi Naguib Sawiris, who leads the family office.
real estate Nawy real estate Nawy
A Look At What Nawy Does
Nawy, which was founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, offers users house browsing experiences with customizable parameters such as unit space, price, and location.
For everyone involved, the proptech startup makes the process straightforward, hassle-free, and transparent, giving its clients a first-class experience.
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Customers can search and filter their selections using numerous parameters such as unit space, price, and location on Nawy’s platform, which offers a vast database of properties. Unlike more traditional techniques, which involve several parties and less-informed decisions, this tool gives users complete control over their real estate decisions. In addition, Nawy uses machine learning and artificial intelligence algorithms to produce tailored recommendations for their clients, as well as provide houses that are better suited to their needs and tastes.
This completely integrated, centralized strategy eliminates the need for a handoff between an online platform and a brokerage, ushering in a more efficient and user-friendly method. When customers are ready to buy, Nawy’s brokerage arm handles the transaction for them at no extra charge, employing the knowledge of veteran agents and advisers. The technology employed by Nawy does not end with the customer-facing aspect of the company. It has its own CRM with intelligent lead allocation, as well as the capacity to provide market intelligence to its agents. Furthermore, it provides agents with insights into their performance as well as recommendations for areas of improvement using artificial intelligence and machine learning.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer