Cairo-based prop-tech startup Nawy has raised a seven-figure seed funding round to bolster its technology, diversify its services, and expand its team to serve more areas across Egypt.
Founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, Nawy allows users to browse houses online using customisable criteria such as unit space, price and location.
The startup claims to have helped over 30,000 individuals find their properties so far, and has seen 300 per cent growth in 2021. It has now raised an oversubscribed seven-figure US dollar seed funding round led by the Sawiris family office, with participation from Hatem Dowidar and other angel investors.
Currently working out of two offices – in New Cairo and 6th of October City – Nawy plans to use the funding for improving its technology, diversifying its model to include a wider array of services, and expanding to more parts of 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,” said the startup’s chief executive officer (CEO) Mostafa El Beltagy.
“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 and sales team aiming to serve the customer’s needs, our in-house technology, and seasoned experts and consultants in the real estate domain.”
Onsi Sawiris, who leads the Sawiris family office, said the prop-tech sector was evolving at “breakneck speed” 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,” he said.