Nawy – an Egyptian prop-tech startup has raised the sum of $5 million in a seed funding round in its bid to expand across the region. The seed round was led by Sawiris family office – its major investor following the seed round of the previous year.
The startup which founded 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, allows its users to browse houses online using customisable criteria such as unit space, price and location.
Thus far, the company has helped over 60,000 individuals locate homes, and sold over $200 million worth of properties.
In statement by Mostafa El Beltagy, CEO of Nawy, he 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 timespan, 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 process much more informed and transparent for the customers,” he added.
“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”, Onsi Naguib Sawiris, Lead Sawiris said.