Egyptian insurtech startup Nice Deer has raised a US$1 million pre-seed round of funding to help it provide health insurance services to SMEs.
Founded earlier this year, Nice Deer aims to bridge the gap between health care providers, health insurance companies, and beneficiaries by facilitating insurance and repayment of insurance claims.
The startup uses a one-window platform to connect medical service providers with insurance companies and facilitates communication between doctors and patients. It also facilitates the approval and disbursement of medication, radiology and scan requests.
Its US$1 million pre-seed round was led by Disruptech Ventures, and will be used to help Nice Deer provide innovative health insurance solutions for SMEs, such as health savings accounts. These new offerings will allow employees to benefit from health insurance by paying for many medical and wellness services.
“Nice Deer aims to become the helping arm of the insurance industry in Egypt to grow smoothly and work to close the gap between providers and beneficiaries through a number of pioneering medical services and solutions in line with the unified insurance law,” Mustafa Medhat, CEO of Nice Deer, said.
Malek Sultan, founding partner of Disruptech, said he was proud of the investment in Nice Deer.
“We believe Nice Deer will be in good shape to support the Egyptian governmental plans to increase the number of beneficiaries of the private health insurance in Egypt. Nice Deer will use its extensive network of health care providers and TPAs to reach new sectors, especially the small and medium-sized businesses,” he said.
