Egypt’s digital healthcare management startup Smart Care Medical Services has secured $1.2 million from the Egyptian-American Enterprise Fund (EAEF), it said this week. It’s the investor’s first tech-enabled healthcare investment.
In a letter to stakeholder, EAEF chairman James Harmon said that the New York-based organization’s experience in US healthcare and connections would help founder of Smart Care, Amr el-Tayeb, learn from similar business models.
Launched in 2010, Smart Care offers corporate clients customized and discounted health care plans with access to over 400 health care providers (hospitals, clinics etc.). For those not on a corporate healthcare plan, Smart Care provides discount medical cards, and can manage and administer healthcare plans, or also take on the role of insurer.
The EAEF also formally announced its $10 million contribution to the new Egyptian fund, Algebra Ventures, and a $10 million investment in Tanmiyah Ventures – a fund for SMEs that is aiming to fill a funding gap for early stage industrial and export-focus.
Last year, they also invested $76 million in both Fawry and financial services provider Sarwa Capital. The latest investments mark a shift towards financially supporting more early stage startups.
“EAEF is playing a critical role in backing a team of seasoned investors to attract funding from international development institutions and grow Egypt’s technology infrastructure,” Harmon said.