Nigeria's healthcare system is ranked as the fourth worst in the world, according to the 2021 World Health Organisation survey. Factors such as insufficient budget allocation, shortage of medical practitioners, lack of medical equipment and medication, as well as dilapidated health facilities contribute to this downside.
To address some of these challenges, Nigeria's e-health startup Helium Health has raised $30 million in Series B funding to expand its fintech product – HeliumCredit, bringing the company's total investment to date to $42.12 million after a $10 million Series A funding in 2020.
The e-health startup launched the HeliumCredit product in 2020 to provide hospitals, clinics, pharmacies and diagnostics centres with loans to purchase medical equipment and medication, as well as to facilitate business expansions.
Founded in 2016, Helium Health takes hospitals and clinics instantly digital with its flagship Electronic Medical Records/Hospital Management Information System product, the most widely used solution in West Africa.
The funding will be used to launch HeliumCredit in Kenya this year and expand its loan portfolio to 1,000 healthcare facilities by 2024. In addition, it also plans to scale its SaaS suite for healthcare providers through HeliumOS, its Electronic Medical Records and Hospital Management Information System solution.