Health tech companies have found it increasingly difficult to secure funding as of late, but that didn't stop Helium Health, a Nigerian health tech company, from reaching its goal.
Helium Health uses technology to efficiently and effectively manage healthcare records in Africa. It also provides access to credit for healthcare providers through HeliumCredit, which is where the company plans to invest a good portion of its funding round.
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Additional Information On Helium Health And Its Funding Round
The series B funding round was led by AXA IM Alts with participation from Capria Ventures, Angaza Capital, 23andMe Inc. Founder Anne Wojcicki, and Flat World Partners. Previous investors — which include, Global Ventures, LCY Group, Ohara Pharmaceuticals Co. Ltd. and Tencent Holdings Ltd., among others — also participated in the round.
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Launched in 2020, HeliumCredit provides credit facilities to healthcare entities, including hospitals, clinics, pharmacies and diagnostic centers, enabling them to acquire medical equipment, purchase medications and pursue business growth.
To date, Helium Health has issued over $3.5 million in credit to approximately 200 medical establishments via HeliumCredit.
In parallel with the announcement of its financial round, Helium Health revealed plans to introduce HeliumCredit in Kenya within the year. The firm also envisions expanding its credit portfolio to include 1,000 medical facilities by 2024, in cooperation with the U.S. International Development Finance Corp. (DFC).
"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 co-founder and CEO.
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Helium Health aspires to emerge as the top technology ally for public health organizations, aiding the execution of their programs and strategies across Africa. Previously, Helium Health garnered financial support from entities like the Bill & Melinda Gates Foundation and MSD for Mothers for the implementation of projects under their maternal health program strategies.
"We have seen firsthand 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 of Global Ventures.
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