The Egyptian e-health startup SmartCare has decided to boost the company’s tech infrastructure by raising the sum of US$1.2 million in funding from the Egyptian-American Enterprise Fund (EAEF). This will also go a long way to expand its customer base and grow its team.
SmartCare is a Health management startup that was launched in 2010. Its main objective is to manage and administer personalized corporate healthcare plans, and at the same time providing discount medical cards for those without corporate plans.
According to Amal Enan who is chief of staff and director of policy planning, the EAEF (which was launched in 2013 and invests in Egypt’s private sector to promote financial inclusion, create jobs and improve quality of life), had invested US$1.2 million in the company as it believed tech would make “huge strides” in improving the affordability and accessibility of healthcare services to Egyptian masses.
“We have high confidence in the entrepreneur and the company’s capacity to implement this change in a high priority sector in Egypt,” he said. “The entrepreneur is a neurosurgeon, assistant professor at Cairo University, and has worked in the public sector, private sector and with civil society, where his accumulated experience allowed him to identify a gap in the healthcare insurance market and build SmartCare to address the need.”
EAEF’s investment in SmartCare will go a long way in developing the company’s technology infrastructure, growing the team and expanding the customer base.
In an annual letter to shareholders, EAEF also confirmed it had made a US$10 million contribution to the new Algebra Ventures fund, as well as a US$10 million investment in Tanmiyah Ventures.