Egyptian Insurtech Startup Nice Deer Raises $1M Pre-Seed
Just months after its founding, the IT-Fusion sister company is poised to expand its services and one-window platform.
Egyptian insurtech startup, Nice Deer, has announced the raise of a $1 million pre-seed round from DisrupTech Ventures just a few months into its tenure.
Founded earlier this year as the sister company of insurance software solutions provider, IT-Fusion, the startup is looking to bring innovative health insurance solutions to the Egyptian market with a view to bridging the gap between health providers, insurance companies and patients. It does so through a one-window platform that facilitates insurance and repayment of claims. The platform also facilitates the approval and disbursement of medication, radiology and scan requests, using the requirements of insurance documents and staying below the maximum disbursement limits for each user. Using AI, Nice Deer also prevents health insurance abuse and fraud, and recommends medication based on medical history.
“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," said Mustafa Medhat, CEO of Nice Deer.
While numbers on the insurtech sector in Egypt are negligible, the numbers surrounding it as a subsector of fintech are more telling. Fintech has, of course, been one of Egypt’s most prolific sectors, with the number of operational fintech startups increasing from two in 2014, to 112 in 2021. Regionally, Egypt’s insuretech sector is best contextualised in Africa, where fintech and healthcare were among the top three most-funded, with the likes of Nigerian insurtech startups , Reliance Health and Casava, raising $40 million Series B round and a $4 million pre-seed round respectively.
With Nice Deer’s own cash injection, the startup will look to introduce health insurance solutions for SMEs, including health savings accounts that will see employees to efficiently pay for many medical and wellness services, including prescriptions, access to dental and optical clinics and even gym memberships.