Egypt proptech raises seven-figure investment
Egypt end-to-end proptech startup Nawy has raised a seven-figure round led by the Sawiris Family Office alongside participation from angel investors. The investment will strengthen technology, broaden services while growing the team as the company expands across Egypt.
Nawy was founded in 2016 and co-founded by Mohamed Abou Ghanima, Ahmed Rafea, Abdel-Azim Osman, Aly Rafea, and Mostafa El Beltagy. The startup has opened two offices in Egypt and grows at a pace of 30% annually since its inception. Thus far, Nawy has completed $150 million in total gross merchandise value (GMV). The company says it has helped over 30,000 individuals on their quest to find their property of choice.
Speaking to Forbes Middle East, Abdel-Azim Osman (Nawy co-founder) expressed intent to strengthen “friendship and collaboration.”
Sawiris are Egypt’s wealthiest family with Nassef Sawiris ranked as the region’s richest Arab. Forbes ranks his wealth at $9.1billion with his brother Naguib at $3.1 billion. The bulk of the family’s wealth is in construction, sports, sports, financial services, and other sectors.