By Adedapo Adesanya
Helium Health, a Nigerian healthtech company, has raised a fresh $30 million to expand the reach of its fintech product, HeliumCredit.
The company, which provides Software-as-a-service (SaaS) tools, financing, and insights to healthcare providers and public health organizations, will use the latest injection to drive growth in some of its expanding verticals.
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.
This is the first of its kind since the healthtech company secured a $10 million Series A in 2020 and 18 months following a rare Africa-GCC deal involving UAE-based healthcare provider-patient interaction platform Meddy.
“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,” Mr Adegoke Olubisi, the CEO and co-founder of the company, said.
In this growth phase, Helium Health also looks to deepen its collaborations within the public health and global health communities, another core focus of its work. Global health funders contribute about 15 per cent of total health expenditure in sub-Saharan Africa and play a critical role in tackling the continent’s leading causes of death, such as HIV/AIDS, malaria, tuberculosis, and maternal and child mortality.
On the part of the investors, Mr Jonathan Dean, Head of Impact Investing at AXA IM Alts, said, “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,” he added.
“We have seen first-hand the evolution of Helium Health over the years. The leadership team deeply understands Africa’s healthcare sector and knows how to build products that meet its nuanced needs,” added Mr Noor Sweid, Managing Partner, Global Ventures.
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 can increase patient retention, increase revenues, and improve the quality of care.
Helium Health will also launch HeliumCredit in Kenya this year, increasing its lending portfolio to 1,000 healthcare facilities by 2024 in partnership with the US International Development Finance Corporation (DFC).
Helium Health aims to be the leading technology partner for public health entities by supporting and implementing their programs and strategies in Africa. Helium Health has received funding from organizations such as the Bill & Melinda Gates Foundation and MSD for Mothers to execute projects under their maternal health program strategies in the past 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.