Nawy, an Egyptian proptech business, has acquired $5 million in initial capital to help it grow across the Middle East.
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 according on their preferences, such as unit size, price, and location.
After receiving a US $5 million seed round lead by the Sawiris family office, the firm has helped over 60,000 people find houses and sold over US $200 million in real estate. It is now aiming for even more growth. Last year, Nawy received funding from the same source.
“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,” said Nawy CEO Mostafa El Beltagy.
“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,” said Onsi Naguib Sawiris, who leads the family office.
