Egypt's Nawy raises $5M SEED
The Egypt-based PropTech and Online Property Platform, Nawy raises $5M to support its data-driven and multi-integrated property platform, helping hundreds of users across Egypt find their homes seamlessly.
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The Egypt-based PropTech and Real Estate booking platform Nawy has successfully raised $5M in its SEED round led by the Sawiris family office.
Nawy is an online real estate platform that facilitates purchasing and selling property. The PropTech startup makes the process simple, hassle-free, and transparent for everyone involved, providing its clients with a first-class experience. With a massive database of properties, customers can search and filter their options using various criteria, such as unit space, price and location. This feature provides users with full autonomy over their real estate decisions, as opposed to more traditional methods that involve multiple parties and less-informed decisions. Additionally, Nawy employs machine learning and artificial intelligence algorithms to develop personalized recommendations for their clients, in addition to offering homes that are more appropriate for their specific requirements and preferences.
Observing a 27% YoY increase in number of transactions closed, the Egyptian VC ecosystem kept its position as the second-most transacted geography in MENA as recorded in our State of Startup Funding- 2022 Emerging Venture Markets Report, available for download. Boosted investor activity in Egypt was driven by a rapid market adoption of digital solutions, where 4 startups drove the 850% YoY growth of funding in the Real Estate sector in 2021. While mature industries of digitization like FinTech, E-commerce, and Transport & Logistics (T&L) Egypt attracted more participation from investors, the Real Estate space has been emerging with ML & AI technologies in multi-integrated platforms that could surely disrupt the traditional Real Estate dealing in the region. Over the past year, solutions like AI-power property & tenant management platform RentUp, as well data-driven property engines like Sakneen, Isqan.com, and Nawy raised sizable Early-Stage investments to raise almost $4M collectively.
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This centralized, fully-integrated model renders a handoff between an online platform and brokerage obsolete, ushering in a more efficient, user-friendly approach. Once customers are ready to make a purchase, Nawy’s brokerage arm provides a seamless transaction process using the expertise of veteran agents and consultants, at no additional cost. Nawy’s tech does not stop at the customer-facing component of the business. It deploys its own CRM with a smart allocation of leads, as well as assists its agents with the ability to access market information. Furthermore, it also gives agents insights on their performance as well as suggests areas of improvement with recommendations through artificial intelligence & machine learning.
When asked about the future of Nawy, CEO Mostafa El Beltagy responded, “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 capitalize 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.”
Nawy currently employs over 200 individuals. So far, the company has supported over 60,000 individuals to locate their ideal homes, sold over $200 million worth of properties, and helped thousands of families purchase their dream homes. The company has witnessed unprecedented growth this year on the back of its fundraising, where the annualized year-on-year growth at exit is 5.4 times the prior year. With this new investment, the Egypt-based PropTech will be able to support its expansion efforts and further develop its Tech stack. Sawiris Family office lead Onsi Naguib Sawiris concluded with high hopes for the team, "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 realized 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.”
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