Earlier today, Forbes Middle East featured Nawy in an article covering Nawy’s cooperation with the Sawiris family and other major investors that resulted in an influx of a Seven Figure seed fund. Also, the article covers Nawy’s significant growth rate and future plans.
What is Nawy?
Nawy is a real estate end-to-end website that allows users to browse hundreds of properties and buy houses in gated communities. It was co-founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy.
Nawy’s New Investors
The new fund influx is the company’s first investment from outside investors, following a $200,000 investment from the founders over the previous five years. This seed round is led by the Sawiris family office with participation from angel investors, including the CEO of Etisalat Group, Hatem Dowidar.
While the proptech platform intends to use the latest investment to strengthen its technology, broaden services, and grow the team to cover additional locations across Egypt, it also places a bet on the Sawiris family’s strong relationships with the company.
“Of course, we are collaborating closely with the Sawiris family office to investigate potential synergies between Nawy and Ora Developers” According to Nawy co-founder Abdel-Azim Osman in Forbes Middle East. “We intend to strengthen our friendship and collaboration. This will be accomplished through further partnership, but without any sort of exclusivity.”
The Sawiris family is Egypt’s wealthiest, with Nassef Sawiris being the richest Arab, with $9.1 billion, and his brother Naguib worth $3.1 billion. Among many other things, the family members have interests in construction, financial services, and sports. The latest investment in Nawy comes as billionaire Naguib Sawiris has indeed begun to delve into the real estate sector with Ora Developers, which plans and builds premium lifestyle destinations in Egypt.
“Within the domains of PropTech, service offerings are evolving at a rapid pace, and how to better deliver a fully-integrated model that can be performed in Egypt, “Onsi Naguib Sawiris, the family office’s leader, remarked.
Nawy’s Significant expansion
Nawy, which has two offices in Egypt, has grown at a 30 percent annual pace since its start, with a total gross merchandise value (GMV) of $150 million, according to Abdel-Azim Osman.
Nawy also claims that, despite a tumultuous year in real estate, the industry is on track to increase by 300 percent by 2021. “In just over five years, Nawy has served over 30,000 individuals on their quest to discover their perfectly matched property, sold billions of pounds in GMV, and helped over 30,000 individuals on their quest to find their perfectly matched property “According to the company.
According to Osman, the proptech firm has no immediate intentions for expansion. “However, in terms of vision, we aim to go farther into the Middle East and possibly Africa.”-” The countries we are most interested in expanding into are Saudi Arabia, the Emirates, and South Africa, “The co-founder emphasised.
Nawy’s CEO Insights
“A significant amount of time is lost on the part of the homebuyer owing to a lack of information and transparency, which causes concern among customers.” According to a statement issued by Nawy’s CEO, Mostafa El Beltagy. “Even more conventional techniques, such as cold-calling push sales, are making buyers more suspicious than ever.”
According to Mostafa El Beltagy, the business, which was established as “Cooing” and has now been re-branded as Nawy, offers customers with information and insight to help them choose a house in “Egypt’s best gated communities.”
Learn More
You can read the original Forbes Middle East Article here.
For the latest updates on the Egyptian Real Estate Market News, follow our Nawy Blog
Moreover, if you wish to know more about what’s available in the real estate market, you can visit our website Nawy. Take a look at our wide selection of exclusive homes.
