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Monday, 26 July 2021

Proptech startup Nawy raises seven-figure seed round led by Sawiris family office

Egyptian proptech startup Nawy raised an undisclosed seven-figure seed round led by the Sawiris family office, the company announced in a statement (pdf) yesterday. Multiple angel investors also participated in the round, including Etisalat Group CEO Hatem Dowidar, in what marks Nawy’s first external funding. The founders have invested USD 200k from their own pockets since launching the company in 2016.

About the company: Nawy is a real estate search engine that allows users to search for and filter properties, and helps them to pay for the property via its brokerage arm. In the five years since its founding, the company has helped more than 30k customers purchase property, and aims to treble its revenues and gross merchandise volume this year, co-founder Ahmed Rafea told us.

How the money will be spent: The company will use the funds to improve its technology, diversify its services, and expand the team. The startup isn’t looking to expand abroad in the foreseeable future, but could later on consider entering Saudi Arabia, the UAE, and South Africa, co-founder Abdel Azim Osman told Forbes.

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