Nigerian e-health startup Helium Health has raised US$30 million in Series B funding to help it expand the reach of its fintech product HeliumCredit.
Founded in 2016, Helium Health takes hospitals and clinics instantly digital with its flagship Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product, the most widely used such solution in West Africa.
HeliumCredit, meanwhile, was launched in 2020 to provide hospitals, clinics, pharmacies and diagnostics centres with loans to purchase medical equipment and medication, as well as to facilitate business expansions. Over US$3.5 million in loans have so far been disbursed to about 200 healthcare facilities through the service.
The fintech service is now set for expansion after Helium Health banked US$30 million in a Series B funding round led by AXA IM Alts, with participation from Capria Ventures, Angaza Capital, Anne Wojcicki, and Flatworld Partners. Existing investors including Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI and AAIC also participated.
The round, which takes Helium Health’s total investment to date to US$42.12 million following a US$10 million Series A in 2020, will be utilised to launch HeliumCredit in Kenya this year, as well as increase its lending portfolio to 1,000 healthcare facilities by 2024. It also plans to scale its SaaS suite for healthcare providers through HeliumOS, its Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solution.
“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. We are delighted to have such seasoned healthcare investors accompany us on our journey,” said Adegoke Olubusi, Helium Health’s CEO and co-founder.
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