Nawy, a Cairo-based prop-tech startup, has raised a seven-figure seed funding round to bolster its technology, diversify its services, and expand its workforce to serve more areas across Egypt.
Nawy, founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, allows customers to search for homes online based on their preferences, such as unit size, price, and location.
The startup claims to have helped over 30,000 people find homes so far, and it expects to increase by 300 percent in 2021. It has now raised a seven-figure US dollar seed funding round led by the Sawiris family office, with Hatem Dowidar and other angel investors participating.
The startup which currently operates out of two locations in New Cairo and 6th of October City, intends to utilize the funds to improve its technology, diversify its model to cover a broader range of services, and expand to more areas 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.”
The prop-tech sector in Egypt is evolving at “breakneck pace,” according to Onsi Sawiris, who heads the Sawiris family office.
“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.