Helium Health has raised $30 million in a Series B funding round led by AXA IM Alts. The latest investments would help the startup double down on HeliumCredit, its fintech product. This brings the total amount of funding raised by the Nigerian healthtech company to $42.12 million.
The funding round was joined by Capria Ventures, Angaza Capital, Anne Wojcicki (Founder of 23&Me) and Flatworld Partners. Existing investors Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI and AAIC also participated in the round.
Launched in 2016, Helium Health is an Electronic Medical Records (EMR) and Hospital Management Information (HMI) Systems provider in West Africa founded by Adegoke Olobusi, Tito Ovia, and Dimeji Sofowora. Helium Health currently has over 300 healthcare providers and 5,000 health professionals in Nigeria, Senegal, and Ghana.
HeliumCredit was launched in 2020 to provide hospitals, clinics, pharmacies and diagnostics centres with loans to purchase medical equipment, medications, and business expansions of these health facilities.
Records from the startup show that HeliumCredit has given over $3.5 million in loans to over 200 healthcare facilities. Helium Health is set to launch HeliumCredit in Kenya this year. The Company will also increase its lending portfolio to 1,000 healthcare facilities by 2024 in partnership with the U.S. International Development Finance Corporation (DFC).
“We believe in a future where good healthcare is a reality for all Africans, not just the few. We are deeply committed to supporting both private healthcare providers and public health stakeholders with finance, technology, and data to achieve that vision,” said Adegoke Olubusi, Helium Health CEO/co-founder while speaking on the funding. “We are delighted to have such seasoned healthcare investors accompany us on our journey.”
Noor Sweid, Managing Partner, Global Ventures, one of the participating investors in this round expresses confidence in Helium Health and its suite of products. “We have seen first-hand the evolution of Helium Health over the years. The leadership team has a deep understanding of Africa’s healthcare sector and knows how to build products that meet its nuanced needs,” he said.
