- Helium Health has closed a $30 million Series B to expand its product offerings, including HeliumCredit and HeliumOS.
- The round was led by AXA IM Alts, with participation from investors, including Capria Ventures, Angaza Capital, Flatworld Partners, LCY Group, WTI, and AAIC.
- It comes after Helium Health announced the completion of its $10 million Series A in 2020 to expand into East and North Africa.
Nigerian healthtech startup, Helium Health, has announced a $30 million Series B.
AXA IM Alts led the round with participation from Capria Ventures, Angaza Capital, Anne Wojcicki (Founder of 23&Me), Flatworld Partners, Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC.
Founded by Adegoke Olubusi, Dimeji Sofowora, and Tito Ovia, Helium Health offers healthcare providers and public health organisations Software-as-a-Service (SaaS) tools, financing, and insights.
Hospitals can use the software to keep track of new patient intake and build databases of patient profiles, medical histories, and treatment schedules.
Also, the software allows hospitals and specialists to schedule patient visits, bill services, and manage business finances.
Helium Health will use this funding to broaden the market for HeliumCredit, a fintech product that provides digital financing for the healthcare industry in Africa.
Over 200 healthcare organisations in Nigeria, including hospitals, clinics, pharmacies, and diagnostics centres, have received over $3.5 million in loans from HeliumCredit since its launch in 2020.
These organisations have used the financing to purchase medical supplies and equipment to expand their physical locations.
Later this year, the company will introduce HeliumCredit in Kenya, where it launched in 2021.
Additionally, the company will keep expanding HeliumOS, its electronic medical records and hospital management information system (EMR/HMIS) solution, as part of its SaaS suite for healthcare providers.
HeliumOS assists health facilities of any size or speciality in running their operations more efficiently, increasing revenues, and improving healthcare delivery.
The company claims its EMR platform is the most extensive in West Africa since over 10,000 healthcare professionals use it to treat over a million patients.
It also claims the ability to evaluate the creditworthiness of loan applicants and disburse loans in as little as 48 hours by using insights into the finances and operations of healthcare providers from HeliumOS.
The startup plans to strengthen its existing collaborations with public health and global health institutions as part of its ongoing efforts to advance its work.
What’s more, this news follows the company's acquisition of Meddy, now known as Helium Doc, a doctor booking platform in Qatar, in 2021.
Why is health financing important in Africa?
Health financing is a critical function of health systems that can accelerate progress toward universal health coverage by improving service coverage and financial security.
Millions of Africans can’t pay for healthcare due to poverty, so financing is crucial for delivering comprehensive and accessible healthcare services.
Healthcare providers can increase patient retention, boost revenue, and enhance the standard of care with easier access to credit.
It makes it possible for healthcare facilities to provide several medical procedures, pharmaceutical services, diagnostic services, and preventive care.