Update: Lagos-based startup, Helium Health secures $10m from investors led by Global Ventures

Editor’s Note: On the 5th of May, we reported that Helium health raised $7 million. However, we have had to update the story based on new reports. In fact the funds raised was $10 million.

Lagos-based healthcare startup, Helium Health, has secured $10 million investment from a group of investors led by Dubai-based Global Ventures in a Series A funding round. Other investors include Chinese-based Tencent, AAIC Japan and two Nigerian-based companies – Flying Doctors Healthcare Investment Company, and Chrysalis Capital

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

Its flagship product, Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product has been adopted by hospitals, clinics, and other health facilities.

Helium says that part of the new funding will be used to hire and expand to North and East Africa, including Kenya,  Rwanda, Uganda and Morocco. The new funding will also be used to launch new products — such as the MyHelium Patient app which is to facilitate appointments and information sharing between healthcare providers and citizens.

First incorporated as OneMedical, Health Helium won Etisalat’s prize of 5 million Naira in 2016 and was accepted into Y Combinator in 2017.

It is said to have the largest reach across West Africa with 5,000 doctors in 107 hospitals handling over 150,000 patients visits monthly.

Helium Health generates revenues by charging percentages and fees on its products, services and accompanying transactions. 

This is the second investment secured after $2 million secured in a seed round in 2017.

According to Noor Sweid, general partner and founder at Global Ventures’ “Only 30% of hospital visits across Africa are recorded so it’s a massive need in the market.”

This is Global Ventures’ first investment in a health technology firm. The Dubai-based firm has 14 different investments in companies including fintech startups.

“Now what we are excited about is health tech. That for the next five years is what fintech was for last five years,” Sweid said.

Helium Health is headquartered in Lagos, with offices in Abuja, Uyo, Oyo, Kano & San Francisco.