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 health tech company, has raised $30 million in a Series B funding round. Helium Health will use the funding to expand the reach of its fintech product, HeliumCredit. With its latest round of funding, Helium Health has raised a combined amount of $42.12 million, with a notable $10 million Series A funding secured in 2020
AXA IM Alts led this round of funding 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.
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. Through this funding, the company will increase its reach in 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, medications, and business expansions of these health facilities. According to Helium Health, 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.
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
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