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Egyptian Real Estate Startup Nawy Secures $5m Seed For Regional Expansion

February 14, 2022

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.

“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.

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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.

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.

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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

Egyptian Proptech Startup, Nawy, Secures Seven-figure Seed Funding Round

July 26, 2021

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.

“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.

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.

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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Egyptian Proptech Sakneen Secures $1.1m Seed Funding Round