New from the new round, Proptech Nawy of Egypt plans to offer the full suite – Referus

The start of Egyptian proptech Nawy, which started life in 2016 as an AI-driven site, the list has grown to provide marketing services, supporting the closure of real estate contracts. It is now looking at its next growth path after connecting 40,000 buyers and sellers last year alone, gaining the confidence of the Sawiris family – Egypt’s richest family, which earlier this month, led 5 million seeds to support its growth.

Nawy is now about to introduce in his catalog a pre-owned local mortgage service, to provide a more restricted market for traditional lenders.

The company’s founder and CEO, Mostafa El-Beltagy, told Referus that the housing financing program is part of their strategy to introduce new products tailored to the needs of customers, ensuring the sustainability of their business.

The mortgage industry in Egypt is dominated by banks, many of which prefer to support buyers of new homes rather than those who seek out their previous owners. This leaves a financial gap on pre-owned mortgage housing that Nawy now intends to close.

“When you enter the retail market, you have cash. What we want to do is build a retail market, which is almost the same as when we continue to own homes, but allow people to pay less, rather than paying first, ”said El-Beltagy.

Nawy’s growth is based on an investment in his in-house and in-house technology, which includes one that uses a machine to learn to match clients and structure. Initiation also uses AI to manage its sales capacity of more than 200 people by comparing them with relevant assets, and providing market information that speeds up the closure process.

Over time, proptech plans to use the data it collects to provide real estate consulting services, establish sponsorship relationships and provide information about styles and other aspects of the market.

“Once we are exposed to the rental market, the main real estate markets, we can begin to answer some of those important questions, such as what is the forecast for gratitude? Which buildings are either cheaper or more expensive? And using all that information, we can begin to offer real financial advice, ”said El-Beltagy.

“In the coming years, we will be moving into other areas of business such as leasing and property management. That would end everything we do – by providing basic housing products, ”said El-Beltagy.

The initiative is aimed at securing the developing real estate market in Egypt, which has long been the most popular and secure means of combating inflation – reasons why the sector is one of the fastest growing sectors of the country’s economy. The real estate sector accounted for 10.3% of Egypt’s GDP for the 2019/2020 financial year, while the construction sector accounted for 4.9%.

Nawy was founded by Beltagy, a former CEO of Vodafone and Vodacom telcos, and Ahmed Rafea (CBDO), Mohamed Abou Ghanima (COO), Abdel Azim Osman (CMO), Aly Rafea (CPO) and Mostafa Moro (CTO). The company was originally known as Cooing Real Estate before being renamed in June 2021.

The founders invested $ 200,000 initially, an average growth rate of 30% year-on-year by 2021, when, encouraged by new funding, they increased by 400%, and total sales increased to $ 200 million, from $ 40 million previous. year.