Nice Deer, an Egyptian insurtech firm, has secured a pre-seed round of investment of $1 million to enable it to deliver health insurance services to SMEs.
Nice Deer, which was founded earlier this year, promises to bridge the gap between health care providers, insurance companies, and beneficiaries by streamlining insurance and claim reimbursement.
The company connects medical service providers with insurance companies and promotes communication between physicians and patients through a single-window portal. It also makes it easier to approve and pay for prescription, radiology, and scan requests.
Disruptech Ventures led the pre-seed financing, which will be used to assist Nice Deer to deliver new health insurance options for SMEs, such as health savings accounts. Employees will be able to take advantage of health insurance by paying for a variety of medical and wellness services with these new options.
“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, a founding partner of Disruptech, expressed pride in the Nice Deer investment.
“We believe Nice Deer will be in good shape to support the Egyptian government’s 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.
