Egypt’s Digital Real Estate Startup Nawy Raises $5M

PropTech and real estate sales platform Nawy has raised $5 million in its latest funding round, the company announced Monday (Feb. 14).

The Egypt-based online real estate startup said it will use the cash to provide more services and capitalize on digital technologies.

Nawy, which has a workforce of more than 200 employees, said it uses artificial intelligence (AI), machine learning (ML) and algorithms to develop personalized recommendations for its clients. The concept, it said, is to offer homes that are more appropriate for their preferences.

Since its founding in 2016, Nawy — originally called Cooing — has helped more than 60,000 buyers find homes, sold more than $200 million worth of properties and helped thousands of families purchase their dream homes, per the release.

“… Technology is still scratching the surface when it comes to enabling and supporting the real estate industry in Egypt,” Nawy CEO Mostafa El Beltagy said in a statement.

With a database of properties listed online, potential buyers can filter their searches using a variety of criteria, including location, price and square feet. This tool provides users with autonomy over their real estate decisions, Nawy said.

When a customer is ready to make a purchase, the firm’s brokers provide what it calls a seamless transaction process using the expertise of veteran agents and consultants, at no additional cost.

Sales is not the only real estate sector going digital. Munich’s Conxai raised $3 million last month to help introduce AI to the construction industry, noting that the industry is one of the least digitalized.

Read more: Adding AI to the Construction Industry, Munich’s Conxai Raises $3M

Conxai said it’s on a mission is to help the architecture, engineering and construction (AEC) industry use AI to capture piles of underutilized data and transform it into trillions of dollars in economic value.