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Egyptian Proptech startup, Nawy, raises USD 5 million

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The Cairo-based Proptech startup set to revolutionise the purchasing and selling of property in Egypt and beyond.

Nawy, an Egyptian Proptech and real estate sales platform, has secured USD 5 million in its latest seed funding round led by the Sawiris family office.

Founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, Nawy is an online platform which facilitates real estate transactions.

Employing around 200 people, the platform has been used by over 60,000 home seekers to aid their search for the perfect home and has accommodated over USD 200 million worth of real estate sales since its launch.

BIG GROWTH, BIGGER AMBITIONS

With an annualised year-on-year growth over 5 times that of the previous year, the firm has seen extraordinary progress over the past year due to its fundraising efforts.

“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 large,” Mostafa El Beltagy, CEO at Nawy said.

But Nawy doesn’t intent to stop there. With big ambitions for the future, the company plan to use the investment to support their expansion in the Middle East. The hope is that the technology used by Nawy will simplify and expedite the current processes in place to transact property in Egypt and the surrounding markets.

“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,” El Beltagy said.

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HOW DOES IT WORK?

Nawy’s platform consists of a large database of properties and allows users to search and filter their selection based on a range of criteria including location, price and square footage.

This new technology grants potential homebuyers with more autonomy and access to a wider breadth of information to allow for more informed investment decisions.

A relatively new development for the market, Nawy also generates customised recommendations for users by employing artificial intelligence and machine learning algorithms to finetune specific search requirements and preferences.

Once a transaction is ready to be made, the centralized platform performs a handoff between the firm’s brokerage function, at no additional charge to the customer.

Not only does the new tech seek to improve the user experience for customers, but it also serves agents via the allocation of smart leads, access to market data and personalised performance analysis and feedback.

"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,” said Onsi Naguib Sawiris, head of the Sawiris family office and key investor.

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