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Egyptian PropTech startup secures seven-figure seed round

Egyptian PropTech startup secures seven-figure seed round
Several angel investors have also participated in the investment round

Cairo - Mubasher: Nawy, a Cairo-based PropTech startup, has secured an oversubscribed seven-figure seed round led by the
Sawiris family office.

Several angel investors have also participated in the investment round, including Hatem Dowidar, a telecom leader, according to a recent press release on Monday.

The startup seeks to benefit from the seed round in promoting its technology, diversify services, and expand its team to extend its businesses to more areas across Egypt.

Founded in 2016 as 'Cooling', the PropTech startup offers a real estate end-to-end platform, through which users can browse many properties and find their future homes.

Nawy was established by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy, who has left his role as Vodafone Romania’s CCO to lead Nawy as its CEO.

Nawy’s CEO, El Beltagy, said: "Nawy is vying to become the leading real estate search engine and platform equipping customers with all the information and insight they need to select a home in Egypt’s top gated communities."

Meanwhile, Onsi Sawiris, who leads the Family Office, remarked: "Within the realms of PropTech, there’s a breakneck speed of evolution in service offerings, and how to better offer a fully integrated model that can be executed in Egypt. Nawy has paved the way for it to be manifested and realised, and I am in full belief of their vision’s viability."