Nigeria: Helium Health secures $30m funding
Helium Health, a Lagos-headquartered healthtech company providing software-as-a-service (SaaS) tools, financing, and insights to healthcare providers and public health organisations, has raised $30 million in Series-B funding. The 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.
Helium Health will use the capital to expand the reach of HeliumCredit, a digital finance product for Africa’s healthcare sector. Launched in 2020, HeliumCredit has extended more than $3.5 million in credit to over 200 healthcare facilities in Nigeria, including hospitals, clinics, pharmacies, and diagnostics centres, which have used the loans to purchase medical equipment, medications in bulk, and expand their locations. With easier access to credit, healthcare providers are able to increase patient retention, increase revenues, and improve the quality of care. Helium Health will launch HeliumCredit in Kenya this year.
The company 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. HeliumOS helps health facilities of any size or specialty run their operations more efficiently, increase revenues, and improve healthcare delivery.
“We are delighted to invest, through AXA IM Alts’ impact investing strategies, in Helium Health’s mission of providing digital solutions to improve the quality and efficacy of health services in resource constrained environments, whilst also directly equipping health sector enterprises with affordable financial services. This investment directly contributes to AXA IM Alts’ broader impact goals of improving financial inclusion and reducing inequalities globally,” said Jonathan Dean, head of impact investing at AXA IM Alts.
“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,” said Noor Sweid, managing partner, Global Ventures.