Nawy, an Egyptian proptech startup, has received $5 million in seed funding to help it expand across the Middle East.
Nawy was 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.
“I honestly believe that when it comes to allowing and assisting Egypt’s real estate market, technology is only touching the surface.” Even though we have accomplished a great deal in a short period of time, the prospects to expand our services and capitalize on digital technologies remain enormous. Mostafa El Beltagy, CEO of Nawy, said, “We will be restless in extending our business with the goal of actually transforming the real estate market in the region, making the decision-making process much more informed and transparent for the clients.”
“We were one of the first investors in Nawy because we saw its potential and shared its goals.” When we saw how quickly they were growing and the company’s trajectory taking shape, we immediately upped our investment. “We are quite optimistic about the future, particularly as Nawy develops its services and gains traction in the real estate market,” said Onsi Naguib Sawiris, the family office’s CEO.
After receiving a US$5 million seed round lead by the Sawiris family office, the company 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.
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Duplo, a Nigerian fintech startup, has raised $1.3 million in a pre-seed round
Stitch, a South African fintech firm, has raised $21 million in a Series A funding round
Swvl, an Egyptian mobility company, has raised an additional $21.5 million in PIPE funding
