Helium Health secures $30 million in Series B funding round led by AXA IM Alts

Helium Health, the largest Electronic Medical Records (EMR) and Hospital Management Information (HMI) Systems provider in West Africa, has raised $30 million in a Series B funding round led by global investment leaders, AXA IM Alts. Other participants in the funding round include Capria Ventures, Angaza Capital, U.S. based Flatworld Partners and existing investor, Tencent.

The healthtech startup raised $10 million raised in 2020 and $2 million in 2017. Altogether, Helium Health has raised $42.2 million since inception.

Helium Health intends to use this new investment to scale up operations and expand credit in the African healthcare sector. In 2021, the startup expanded into the GCC region with the acquisition of Meddy, a Qatar-based and UAE-based doctor booking platform.

Founded in 2016 by Goke Olubusi, Tito Ovia and Dimeji Sofowora, Helium Health advances universal health coverage by providing a suite of full-service solutions for all healthcare stakeholders in emerging markets. It offers technology solutions and developer resources for administration, medical records and financial management. It also has digital payment and credit products for hospitals and insurance providers.

Current products include the following:

• HeliumOS, a transformative solution for healthcare facilities. By providing end-to-end digitization of medical records and hospital operations, Helium Health helps healthcare providers to access critical patient information quickly and easily.
• HeliumDoc brings together the country’s top doctors and other healthcare professionals under one roof and provides a wide range of healthcare services, including but not limited to; doctor and treatment search, in-clinic appointment booking and telemedicine.
• HeliumCredit provides quick and flexible loans for Healthcare Facilities. HeliumCredit enables healthcare providers to access the funds they need to purchase critical medical supplies, upgrade equipment, and expand to new locations, thereby improving patient care. The company has experienced significant credit growth, expanding from $250,000 provided to a few healthcare facilities, to now surpassing $3.5 million extended to over 200 healthcare facilities in Nigeria.
• HeliumWallet is an advanced payment processing platform that enables providers to process and manage payments from both, health management organizations and private paying patients.

The startup asserts that it is the most extensive electronic medical records (EMR) platform in West Africa. It is utilized by more than 10,000 healthcare professionals across 1,000 facilities, providing care to over 1 million patients in Africa. With a team of 150 individuals spread across ten countries, the company operates in eight nations, including Nigeria, Ghana, Senegal, Liberia, Kenya, Uganda, Qatar, and the UAE. The company’s primary focus is not only to expand its reach but also to strengthen its partnerships within the public health and global health communities.

Helium announced its plans to initiate credit services for the healthcare sector in Kenya this year. With the objective of expanding its lending portfolio, the company aims to serve 1,000 healthcare facilities in Kenya by 2024. This expansion will be facilitated through a partnership with the U.S. International Development Finance Corporation.