Nawy, an Egyptian proptech startup, has secured $5 million seed funding round investment aimed at expanding across the region. The fund was led by the Sawiris family office.
Nawy was founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy. The platform facilitates purchasing and selling of property where by,users browse houses online using customisable criteria such as unit space, price and location.
The company has witnessed unprecedented growth this year on the back of its fundraising, where the annualized 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 capitalize 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.”
