Seven months after an initial investment, the Sawiris family office made a follow on investment in Egyptian propTech company Nawy.  In a February 13 statement, the beneficiary reported it has raised $5 million in seed capital.

The resources will be used to support its expansion strategy in North Africa and improve investment in new technologies and the digital (artificial intelligence, machine learning, etc.).

The startup, which facilitates and simplifies the process of buying and selling real estate online, claims to have helped more than 60,000 people find a home to date. Nawy also says it has sold over $200 million worth of real estate through its platform.

"We were one of the first investors in Nawy because we saw the potential of the company and shared its ambition. We immediately increased our investment when we realized how fast they were expanding and the trajectory of the company coming to fruition. We are very excited about the future, especially as Nawy expands its services and continues its momentum in the real estate market," commented Onsi Naguib Sawiris, head of Sawiris family office who led the investment in Nawy.

As a reminder, the Sawiris family office led an undisclosed seed funding in Nawy in July 2021. The money was used to strengthen the company's technology, increase services and increase staff.  In its July 2021 forecast, Nawy planned to end the year with 300% revenue growth.

Chamberline Moko