Helium Health, a firm based in Africa that serves healthcare providers and public health organizations with software as a service tool, finance, and information, has secured $30 million in Series B investment.
The new funding will enable Helium Health to “expand its reach and increase its lending portfolio to 1,000 healthcare facilities by 2024” in conjunction with the U.S. International Development Finance Corporation (DFC), as stated in a company statement.
The announcement comes three years after the health-tech firm raised $10 million in Series A funding and eighteen months after Meddy, a healthcare provider-patient interaction platform located in the United Arab Emirates (UAE), brokered a rare Africa-GCC partnership. With its most recent investment round, Helium Health raised a total of $42.12 million.
Anne Wojcicki (23andMe’s founder) and Flatworld Partners joined AXA IM Alts in leading this funding round. Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC all contributed to the round as existing investors.
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Statements from Helium Health CEO
Helium Health began by developing software to digitise healthcare operations and EMR records for healthcare providers, given that 90% of African health institutions still operate manually. But it didn’t take long for the company to realise that finance was another pressing issue for its clientele; therefore, HeliumCredit was established.
We envision a day where high-quality medical care is accessible to all Africans, not just the wealthy few.
Adegoke Olubusi, CEO/co-founder of Helium Health, said in a statement about the investment, “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 thrilled to have the support of these seasoned healthcare investors.
One of the investors in this funding round, Noor Sweid, Managing Partner at Global Ventures, says he has confidence in Helium Health and its offerings. We have seen Helium Health’s development firsthand throughout 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 added.
It has been announced that Helium Health, via its Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solution HeliumOS, will also continue to expand its SaaS offerings for healthcare providers.
The company’s service
Helium Health, founded in 2014 by Adegoke Olubusi, Tito Ovia, and Dimeji Sofowora, is one of the firms demonstrating the potential of technology to improve healthcare record keeping in Africa. By raising additional funds, the firm may expand the availability of its fintech product HeliumCredit, to more healthcare providers.
In 2020, HeliumCredit began offering financing for the acquisition of medical equipment, pharmaceuticals, and the construction or development of healthcare institutions such as hospitals, clinics, pharmacies, and diagnostic centres. Approximately 200 healthcare institutions have benefited from HeliumCredit’s lending of approximately $3.5 million, as reported by Helium Health. In addition, in collaboration with the United States International Development Finance Corporation (DFC), the Company will expand its loan portfolio to 1,000 healthcare facilities by 2024.