Egyptian Proptech Nawy Raises $5 Million from Sawiris Family Office
The fresh capital will serve as much-needed fuel for the startup to scale, expand its products and develop its machine learning and AI.
A Cairo-based PropTech startup is making headway in Egypt’s real estate sector, transforming the selling and buying experience for secondary homeowners and buyers looking for ready-to-move properties. Nawy’s end-to-end real estate platform has steadily grown since its founding in 2016 and has now secured a new $5 million investment in a seed round headed by the Sawiris Family Office. Think of it as a top-up; this influx of fresh capital will serve as much-needed fuel for the startup to scale, expand its products and develop its machine learning and AI.
Founded under the brand name ‘Cooing’ by by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea and Mostafa El Beltagy, Nawy has risen to the top of the real estate food chain by leveraging the power of emerging technologies to tailor highly-personalized recommendations for users. These tech tools analyze a massive database of properties, giving users the flexibility to search and filter using a wide range of criteria. Once selecting a property, the user will be guided through a seamless transaction process by Nawy’s brokerage arm.
Nawy currently employs a team of 200 individuals and is quickly disrupting traditional real estate methods, cutting out the involvement of multiple parties and equipping users to make more informed decisions. So far, the startup has connected 60,000 people to properties in Egypt with a total sales value of more than $200 million.
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Feb 20, 2024