Egyptian prop-tech startup Nawy raises $5m seed round

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Egyptian prop-tech startup Nawy has raised a US$5 million seed funding round to help it expand across the region.

Founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, Nawy allows users to browse houses online using customisable criteria such as unit space, price and location.

So far, the company has helped over 60,000 individuals locate homes, and sold over US$200 million worth of properties, and it is now targeting further growth after raising a US$5 million seed round led by the Sawiris family office. Nawy raised capital from the same source last year.

“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 timespan, 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.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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