The Lagos-based health tech company secures $30 million to power credit financing to healthcare providers via its fintech product, HeliumCredit.
Helium Health, a Nigerian healthtech company, has secured $30 million in investment from a Series B funding round. According to Helium Health, the funding will be used to expand the reach of its fintech product, HeliumCredit. With its latest funding round, Helium Health has raised a total of $42.12 million. In 2020, the startup raised a notable $10 million during its Series A funding round.
This round of funding was led by AXA IM Alts, with participation from Capria Ventures, Angaza Capital, Anne Wojcicki (Founder of 23&Me) and Flatworld Partners. Existing investors including Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI and AAIC also participated in the round.
Founded in 2014 by Adegoke Olubusi, Tito Ovia and Dimeji Sofowora, Helium Health is focused on exploring the role of technology in efficiently managing healthcare records in Africa. With this latest funding, the company will expand its reach by offering healthcare providers access to credit via its fintech product, HeliumCredit.
HeliumCredit was launched in 2020 to provide hospitals, clinics, pharmacies and diagnostics centers with loans to purchase medical equipment and medication, as well as to facilitate business expansions. According to Helium Health, over $3.5 million in loans has been disbursed to about 200 healthcare facilities through HeliumCredit.
Helium Health has great plans for expansion. The company is set to launch HeliumCredit in Kenya this year and 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.
Helium Health says it will also continue to scale its SaaS suite for healthcare providers through HeliumOS, its Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solution