Helium Health, the African startup revolutionizing healthcare through its software-as-a-service tools, financing solutions, and data-driven insights, has recently raised an impressive $30 million in its Series B funding round. This significant investment comes three years after the company's successful $10 million Series A round and follows a groundbreaking Africa-GCC deal involving Meddy, a UAE-based healthcare provider-patient interaction platform. With this new capital infusion, Helium Health is poised to drive growth across its various verticals, while placing a strong emphasis on expanding its fintech offering, HeliumCredit.
Helium Health's latest funding round is expected to fuel growth in its core products, including HeliumDoc and HeliumOS. But there's one solution that is stealing the spotlight: HeliumCredit. This innovative fintech platform aims to address the critical need for healthcare financing in Africa head-on. With ambitious plans in motion, Helium Health is forging strategic partnerships, including a noteworthy collaboration with the U.S. International Development Finance Corporation (DFC). Together, they are on a mission to expand Helium Health's lending portfolio, supporting the growth and sustainability of 1,000 healthcare facilities across the continent by the year 2024. By leveraging its end-to-end software product, HeliumCredit provides a digital financing solution, allowing healthcare providers to access capital quickly, ultimately benefiting patients and the overall healthcare ecosystem.
Africa's healthcare sector faces a significant funding gap, amounting to a staggering $66 billion annually. What's more concerning is that over the past 15 years, healthcare funding from African governments has declined by 8%. This decline further exacerbates the already dire state of healthcare financing on the continent, posing significant challenges to providing adequate healthcare services to the population. The lack of capital adversely affects various aspects of healthcare, including the scarcity of healthcare workers, leading to longer wait times for patients. Recognizing these challenges, Helium Health's CEO, Adegoke Olubusi, highlights the difficulty faced by healthcare facilities in accessing financing due to a lack of insights into their operations from traditional banks. HeliumCredit addresses this gap by utilizing data and operational insights from HeliumOS to assess creditworthiness, enabling healthcare providers to access financing more easily.
HeliumCredit, launched as a digital finance product in 2020, has experienced remarkable growth since the Series A investment. With credit extended to over 200 healthcare facilities in Nigeria, including hospitals, clinics, pharmacies, and diagnostics centers, Helium Health has enabled its customers to purchase medical equipment, expand their operations, and enhance their financial performance. By providing long-term loans and comprehensive financial training, Helium Health encourages healthcare providers to digitize their operations, ultimately creating a positive cycle of increased access to financing and improved healthcare services.
As the widest-reaching electronic medical records (EMR) platform in West Africa, Helium Health is used by over 10,000 health workers across 1,000 facilities, benefiting more than 1 million African patients. The company's commitment to collaboration extends beyond its core products, as it seeks to deepen partnerships within the public health and global health communities. By integrating previously fragmented public health programs with broader initiatives, Helium Health aims to create interconnected health information systems, improving overall healthcare delivery and outcomes.
Helium Health's recent $30 million funding round, supported by AXA IM Alts, 23andMe's Anne Wojcicki, and other prominent investors, marks a significant milestone in the company's journey. With a focus on addressing the critical healthcare financing gap in Africa, Helium Health's fintech solution, HeliumCredit, is set to expand its lending portfolio and empower healthcare providers across the continent. By leveraging technology and data insights, Helium Health is making substantial strides in digitizing healthcare operations, improving access to financing, and ultimately transforming healthcare delivery in Africa. This investment not only demonstrates confidence in Helium Health's innovative solutions but also signals the immense potential for technology-driven advancements in the African healthcare landscape.
