$30 M Series B funding raised by Nigeria’s Helium Health to expand fintech offering
In order to broaden the appeal of its fintech product HeliumCredit, Nigerian e-health startup Helium Health has secured US $30 million in Series B funding.
With its flagship Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product, the most widely used such solution in West Africa, Helium Health, which was founded in 2016, instantly transforms hospitals and clinics into digital environments.
In contrast, HeliumCredit was introduced in 2020 to offer loans to healthcare institutions like hospitals, clinics, pharmacies, and diagnostics centers so they can expand their operations and buy medical supplies and equipment. Through the service, loans totalling more than US $3.5 million have already been given to about 200 healthcare facilities.
After receiving 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, the fintech service is now prepared for growth. Participating investors already in the market included Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC.
The funding will be used to launch HeliumCredit in Kenya this year and expand its lending portfolio to 1,000 healthcare facilities by 2024, bringing Helium Health’s total investment to date to US $42.12 million after a US $10 million Series A in 2020. Through HeliumOS, its Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solution, it also intends to scale its SaaS suite for healthcare providers.
“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.
