Tencent-backed Helium Health raises $30 mln to fund Africa expansion

Abuja: Helium Health, West Africa's largest electronic medical records provider, has raised $30 million in new funding to scale up operations and expand credit in Africa's healthcare sector, it said on Monday.

Investment managers AXA IM Alts co-led the Series B funding round, with participation from Capria Ventures, Angaza Capital and US based Flatworld Partners. The Lagos-based startup also received investment from existing Chinese investor Tencent.

Helium said it would start giving credit to the healthcare sector in Kenya this year, aiming to increase its lending portfolio to 1,000 healthcare facilities by 2024 in partnership with the US International Development Finance Corporation.

Africa's healthcare sector is heavily undercapitalised and has one of the lowest health worker-to-patient ratios in the world. At 1.55 health workers per 1000 people, it is below the recommended World Health Organisation threshold of 4.45 workers.

"We believe in a future where good healthcare is a reality for all Africans, not just the few," said Adegoke Olubusi, Helium Health CEO and co-founder.