A Nigerian health tech startup, Helium Health, has raised $30 million in a Series B funding round to fund the expansion of its fintech product.
This is coming three years after it secured a $10 million Series A. The latest funding round brings Helium Health’s total raise to $42.12 million.
The Series B funding round was led by AXA IM Alts with participation from 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.
According to the company, the funding will go into expanding its fintech product, HeliumCredit, and increasing its lending portfolio to 1,000 healthcare facilities by 2024 in partnership with the U.S. International Development Finance Corporation (DFC). Helium Health said it would also continue to scale its SaaS suite for healthcare providers through HeliumOS, its Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solution.
Support for healthcare providers
Commenting on the new funding, Helium Health CEO/co-founder, Adegoke Olubusi, said:
- “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.”
The Managing Partner of Global Ventures, Noor Sweid, 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.
Founded in 2014 by Adegoke Olubusi, Tito Ovia, and Dimeji Sofowora, Helium Health has emerged as one of the companies highlighting the role technology can play in adequate healthcare records management in Africa. The YC-backed healthtech startup claims to be the widest-reaching EMR platform in West Africa, used by over 10,000 health workers across 1,000 facilities to care for over 1 million African patients.
The 150-man team spread across ten countries and operating in eight, including six African countries (Nigeria, Ghana, Senegal, Liberia, Kenya, and Uganda) and two GCC markets (Qatar and the UAE), is also looking to deepen its collaborations within the public health and global health communities, another core focus of its work.
