Nawy, Egyptian prop-tech startup secures $5m seed round

Nawy, an Egyptian prop-tech startup, has raised $5 million in seed funding to help it expand across the region.

Nawy, founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, allows users to search for homes online based on criteria such as unit size, price, and location.

So far, the company has assisted over 60,000 people in finding homes and sold over US$200 million in real estate, and it is now looking to expand further after raising a US$5 million seed round led by the Sawiris family office. Last year, Nawy raised capital from the same source.

“I truly believe that technology is only scratching the surface in terms of enabling and supporting Egypt’s real estate industry.” Even though we’ve accomplished a lot in a short period of time, the opportunities to expand our services and capitalize on digital technologies remain enormous. We will be aggressive in expanding our business with the goal of truly transforming the region’s real estate market, making the decision-making process for customers much more informed and transparent,” said Nawy CEO Mostafa El Beltagy.

“We were an early investor in Nawy because we saw the company’s potential and shared its ambition.” When we saw how quickly they were expanding and the company’s trajectory coming to life, we immediately increased our investment. “We are very excited about the future, especially as Nawy expands its services and gains traction in the real estate market,” said Onsi Naguib Sawiris, the family office’s leader.