Egypt’s Nice Deer raises $1 million pre-Seed round
- Egypt-based insurtech Nice Deer has raised a $1 million pre-Seed funding round led by DisrupTech Ventures.
- Founded in early 2022 by Mustafa Medhat and Engy Shalash, Nice Deer, one of IT-Fusion’s sister companies, facilitates insurance and repayment of insurance claims between healthcare providers, health insurance companies, and beneficiaries.
- Nice Deer will use the funds to expand its services such as providing health insurance solutions for SMEs, such as health savings accounts.
Egypt-based insurtech, Nice Deer, raised $1 million in a pre-Seed funding round led by DisrupTech Ventures.
Nice Deer was founded early in 2022 and currently operates in Egypt. It aims to bridge the gap between health care providers, health insurance companies, and beneficiaries by facilitating insurance and repayment of insurance claims. Nice Deer is one of IT-Fusion’s sister companies, IT-Fusion was founded 15 years ago as a leading technology provider in Egypt to communicate and interact efficiently with various medical service providers, as well as manage their credit lines, and facilitate the submission of medical claims to collect payments faster.
Nice Deer uses a one-window platform to connect medical service providers with insurance companies and facilitates communication between doctors and patients. Nice Deer also facilitates the approval & disbursement of medication, Radiology & Scan requests, taking into account the requirements of insurance documents and not exceeding the maximum disbursement limits for each beneficiary. Mustafa Medhat, CEO of Nice Deer, said, "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."
Efficient claims are filled between health care providers, insurance companies, the third-party administration (TPA) network, and beneficiaries. Nice Deer uses AI technologies, to prevent abuse in the health insurance sector and early detect any fraud attempts. Moreover, it recommends medications based on the patients' medical history and alerts the doctors to any medical interactions. "We are very proud of Disruptech's investment with the Nice Deer founding team, said Malek Sultan, founding partner of Disruptech VC. We believe Nice Deer will be in good shape to support the Egyptian government's plans to increase the number of beneficiaries of 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 (SMEs)."
Nice Deer will be providing innovative health insurance solutions for SMEs, such as health savings accounts. These new offerings will allow SME employees to benefit from health insurance by paying for many medical and wellness services, including prescriptions, access to dental and optical clinics, and pay for gym memberships among other things.