Egypt’s Nice Deer Secures $1 Million Pre-Seed Round

DisrupTech Ventures sponsored a $1 million pre-Seed investment round for Egypt-based insurtech Nice Deer. The cash will be used to extend the company’s offerings, such as providing health insurance options for small businesses.

Nice Deer was created in early 2022 and is based in Egypt. Its goal is to close the gap between health-care providers, insurance companies, and beneficiaries by making insurance and claim payments easier.

“Nice Deer aspires to become the helping arm of the insurance business in Egypt, working to narrow the gap between providers and beneficiaries through a range of pioneering medical services and solutions in line with the unified insurance law,” stated Mustafa Medhat, CEO of Nice Deer.

Nice Deer connects medical service providers with insurance companies and improves contact between doctors and patients through a single-window portal. Nice Deer also makes it easier to approve and disburse pharmaceutical, radiology, and scan requests, while keeping in mind the needs of insurance paperwork and without exceeding each beneficiary’s maximum disbursement limitations.

Health care providers, insurance companies, the third-party administration (TPA) network, and beneficiaries all work together to complete claims efficiently. Nice Deer employs artificial intelligence (AI) to prevent health insurance fraud and detect it early. Furthermore, it makes prescription recommendations based on the patient’s medical history and warns clinicians to any potential medical interactions.

Malek Sultan, a founding partner of Disruptech VC, said, “We are really happy of Disruptech’s investment with the Nice Deer founding team.” Nice Deer, we feel, will be in good shape to help the Egyptian government achieve its goal of increasing the number of people covered by private health insurance. Nice Deer will expand its network of health care providers and third-party administrators (TPAs) to reach new markets, particularly small and medium-sized businesses (SMEs).”

Nice Deer will provide SMEs cutting-edge health insurance options such as health savings accounts. SME employees will be able to take advantage of these new benefits by paying for a variety of medical and wellness services, including as medications, access to dental and optical clinics, and gym memberships, among other things.

Nice Deer is a sister company of IT-Fusion, which was founded 15 years ago as a leading technology provider in Egypt to communicate and interact efficiently with various medical service providers, manage their credit lines, and streamline the submission of medical claims in order to collect payments faster.