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Egypt proptech startup, Nawy, raises $5M in seed funding
Egyptian proptech startup, Nawy, has concluded its seed funding round securing $5 million in investment led by the Sawiris family office.
Nawy is an online real estate platform, founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, that facilitates purchasing and selling property. It contains a huge database of properties, where customers can search and filter their options using various criteria, such as unit space, price and location. This feature provides users with more autonomy over their real estate decisions, as opposed to more traditional methods. 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. Once a customer is ready to make a purchase, Nawy’s brokerage arm provides a seamless transaction process using the expertise of veteran agents and consultants, at no additional cost. The startup also deploys its own CRM with a smart allocation of leads and assists its agents with the ability to access market information. Furthermore, it also gives agents insights on their performance as well as suggests areas of improvement with recommendations through artificial intelligence & machine learning.
According to data from CB Insights, the proptech sector received $9.5 billion from investors and venture capital as of mid-November 2021.
The startup employs over 200 individuals, has assisted over 60,000 individuals to locate their ideal homes and has also sold over $200 million worth of properties. The company has witnessed unprecedented 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.
“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.
When asked about the future of Nawy, CEO Mostafa El Beltagy responded, “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 process much more informed and transparent for the customers.”
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Featured image: Nawy