Nice Deer Raises $1M in Pre-Seed Funding from DisrupTech
Egypt – Nice Deer, an insurtech startup offering innovative health insurance solutions to the Egyptian market, raised $1 million in a pre-seed funding round led by DisrupTech Ventures.
Established in early 2022 and currently operating in Egypt, Nice Deer aims to bridge the gap between healthcare providers, health insurance companies and health insurance beneficiaries by facilitating insurance and claims reimbursement , Nice Deer was born out of IT Fusion’s 10-year leading status as a technology provider for the top Third Party Administrator (TPA) in Egypt.
Nice Deer uses a one-stop-shop platform to connect healthcare providers with multiple health insurance companies and TPAs, as well as facilitate communication between patients and doctors. The Nice Deer platform also facilitates effortless and instant medical claims approval and efficient claims submission between healthcare providers, insurance companies, TPAs and beneficiaries.
With comprehensive medical data, data-driven assessments, and the use of AI technology, Nice Deer prevents health insurance abuse and is early in detecting fraud attempts. Also, it recommends medications based on patients’ medical history, alerting doctors to any drug or drug interactions.
“In Egypt, out-of-pocket expenditure as a share of current health expenditure for Egypt was 62.7%,” says Mostafa Medhat, CEO of Nice Deer.
“Nice Deer aims to help the insurance industry in Egypt to develop smoothly and close this protection gap, since in similar countries this percentage is much lower and than with the insurance law expected, such a high percentage could go much lower.”
Malek Sultan, co-founder of Disruptech, said: “We are very proud of Disrupttech’s investment with the Nice Deer founding team, we believe Nice Deer will be in an excellent position to support the government’s plans to increase the number of beneficiaries of private health insurance in Egypt, Nice Deer will use the extensive network of healthcare providers and insurance brokers of TPAs to penetrate untouched areas, especially small and medium-sized enterprises (SMEs).
With insurance products such as Health Savings Accounts, Nice Deer will be the first to offer SMB health insurance coverage, allowing SMB employees to claim their insurance for various medical and general wellness services. , including prescriptions, dental, eye care, gym memberships, etc. .
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