Technology has become too exciting for sectors like real estate to ignore. Although it is slow the adaptation of technology in this sector is gradually increasing as customers are becoming more sophisticated as a result of technology having gone beyond third-party intervention. PropTech is gaining traction and investors are helping to boost the sector.
As such, Nawy, an Egyptian proptech business, has closed its seed funding round, with the Sawiris family office investing $5 million.
Nawy now employs more than 200 people. So far, the organization has assisted over 60,000 people to find their dream homes, sold over $200 million in real estate, and enabled hundreds of families in buying their dream homes. In 2022, the firm has experienced extraordinary expansion as a result of its fundraising, with an annualized year-over-year increase at an exit of 5.4 times the previous year.
Nawy is a virtual real estate marketplace that makes buying and selling homes easier. For all involved, the proptech firm makes this method simple, less hard, and transparent, giving its users a top-notch experience.
Consumers can find and filter their selections using numerous parameters such as unit space, price, and location on Nawy’s platform, which offers a vast database of properties. Unlike more conventional methods, which involve several parties and little to no informed decisions, this tool gives customers complete control over their real estate choices.
In addition, Nawy uses machine learning and artificial intelligence algorithms to develop personalized recommendations for their customers, as well as provide homes that are better suited to their needs and preferences.
This completely integrated, centralized strategy eliminates the need for a handoff between an online platform and a brokerage, bringing in a more effective and consumer-friendly method. When users are ready to buy, Nawy’s brokerage arm handles the transaction for them at no extra charge, employing the knowledge of veteran agents and advisers.
When asked about Nawy’s future, CEO Mostafa El Beltagy said that technology is only scraping the top in terms of supporting and assisting Egypt’s real estate business.
Even though the firm has done a lot in a short period of time, the prospects for Nawy to expand its services and capitalize on digital technology are still vast.
The startup will be restless in growing its business with the goal of actually transforming the real estate industry in the region, making client decisions far more informed and transparent.
Techbuild’s Take
The real estate industry, which has historically been sluggish to adopt technology, is progressively growing to meet the expectations of market players through PropTech.
The word applies to businesses or platforms that employ technology to meet the demands of the real estate market by developing new products.
Technology is having a tremendous effect on our daily lives, and users throughout the spectrum are demanding service providers to provide more effective solutions.
We see a lot of PropTech startups in strong markets like Nigeria and South Africa, with Kenya and Egypt following closely behind. Progress in the African PropTech space is accelerating thanks to technological advancements.
The technology employed by Nawy does not end with the customer-facing aspect of the company. It has its own CRM with intelligent lead allocation, as well as the capacity to provide market intelligence to its agents.
Also, it provides agents with insights into their performance as well as recommendations for areas of enhancement using artificial intelligence and machine learning.
Africa’s Property Technology (Proptech) industry is growing and is becoming an important part of future plans for local real estate, operators, and others trying to future-proof their companies, as well as venture capitalists eager to invest in initial-stage startups and prospects.
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