Nawy, a Cairo-based proptech startup, has raised a seven-figure seed round headed by the Sawiris family office, which was oversubscribed. A group of noteworthy angel investors, including Hatem Dowidar, also took part in the financing round (renowned telecom leader and angel investor).
Nawy, which now operates out of two offices in New Cairo and 6th of October City, aims to use the money to improve their technology, diversify their business model to cover a larger range of services, and grow their workforce to serve more places across Egypt.
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“There’s a considerable chunk of time lost from a homebuyer’s end due to the lack of information and transparency, which breeds anxiety within customers. Even more traditional methods, such as push sales from cold calling, are leaving customers more sceptical than ever. Nawy is vying to become the leading real estate search engine and platform equipping customers with all the information and insight they need to select a home in Egypt’s top gated communities. This is enabled by our fully integrated model which includes the strongest client service/sales team aiming to serve the customer’s needs, our in-house technology, and seasoned experts and consultants in the real estate domain,” Nawy’s CEO, Mostafa El Beltagy, said.
Why The Investors Invested
The investors were notably drawn in in Nawy’s seed round largely because of the startup’s traction so far. In just over five years, Nawy has assisted over 30,000 people in their search for their ideal home, sold billions of pounds in GMV, and, despite a challenging year in the real estate market, is on track to surpass 300 percent growth in 2021.
“Within the realms of proptech, there’s a breakneck speed of evolution in service offerings, and how to better offer a fully-integrated model that can be executed in Egypt. Nawy has paved the way for it to be manifested and realised, and I am in full belief of their vision’s viability. Nawy has checked all the quintessential boxes from acquiring the right team and talent to ensuring their backend is a truly inventive one that is able to deliver a seamless and transparent homebuyer’s journey,” Onsi Sawiris, who leads the family office, said.
In recent years, investments in Egypt’s proptechs have exploded. The investment in Nawy comes after a $1.1 million investment in Sakneen earlier this year, as well as a six-figure seed investment in RentUp.
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A Look At What The Startup Does
The startup, which began as “Cooing” in 2016, has subsequently changed its name to Nawy. The company offers a comprehensive real estate end-to-end platform that allows consumers to search through thousands of properties and directs them toward their ideal home. Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy (who resigned his position as Vodafone Romania’s CCO to manage Nawy as its CEO) created the company.
Nawy makes a user’s journey easier by allowing them to conduct detailed searches using unique parameters such as unit size, price, location, and more. Users can also throw a broader net and then narrow it down. Unlike more traditional techniques, which involve several parties and less-informed decisions, this tool gives users complete control over their real estate decisions. This centralized, fully integrated strategy eliminates the need for a handoff between an online platform and a brokerage, ushering in a more efficient and user-friendly method.
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When customers are ready to make a purchase, Nawy’s brokerage arm handles the transaction for them at no extra charge, employing the experience of veteran agents and advisers.
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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