Home » Wealthy Egyptian Sawiris family assists Mostafa El Beltagy-led Nawy in raising $5 million in funding

Wealthy Egyptian Sawiris family assists Mostafa El Beltagy-led Nawy in raising $5 million in funding

by Omokolade Ajayi

Egypt’s wealthiest family, the Sawiris, has spearheaded a financing round that raised a total of $5 million in seed capital for Nawy, a fast-growing software firm, through a family office managed by billionaire businessman Naguib Sawiris.

Mostafa El Beltagy, Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea and Aly Rafea founded Nawy, an Egyptian real estate technology business, in 2016.

The startup’s platform, which streamlines the purchasing and selling of real estate, features a vast database of properties that customers can search and filter using numerous parameters such as unit space, price and location.

The $5-million financial injection will allow the Egyptian business to ramp up its operations, while also seeking additional growth in Egypt and other Middle Eastern and North African nations as part of its strategic expansion ambitions.

Naguib Sawiris, the family office’s director, commented on the investment, stating: “We were one of the first investors to be part of Nawy when we recognized the potential and work done.” 

“We noticed how quickly the firm was developing and growing, and we immediately increased our investments in it,” he added.

Nawy’s innovative solutions and services have assisted over 60,000 people in finding homes and have sold more than $200 million in real estate.

The platform saw exceptional growth by the end of 2021, with the annual growth rate reaching 5.4 percent by the year’s close — more than double the number attained by the end of 2020.

Nawy CEO Mostafa El-Beltagy commented on the platform’s performance, stating: “I really believe that technology is only starting to blossom in the real estate market in Egypt, even though so much has been achieved in a short period of time, but there are still opportunities for more.”

“We will always strive to bring about a real transformation in the real estate market in the region and make the purchase decision-making process easier and clearer for customers,” he said.

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