In the heat of the raging coronavirus pandemic, Nigeria health startup Helium Health, which uses technology to strengthen the services and solutions offered by hospitals in West Africa, has secured $10 million investment from the Dubai-based Global Ventures and the Japanese VC Asia Africa Investment and Consulting. The investment is coming as investors are scouring deeply into startup ecosystems for health-related startups amid the coronavirus outbreak.
“Now is the time for the healthcare system to embrace innovative, technology-driven solutions of which our Electronic Medical Records solution is one, to increase positive healthcare outcomes.’’ Helium Health tweeted.
Here Is All You Need To Know
- This is the first equity investment in the health technology sector Global Ventures, the Dubai-based VC would be making in emerging markets. The venture capitalist partnered with Asia Africa Investment and Consulting.
- Also participating in this round is previous investor, China’s Tencent according to Noor Sweid, general partner and founder at Global Ventures said.
- Their joint contribution will help the startup finance the development of its solutions and tools for healthcare professionals.
- The startup has an impressive funding history. In 2017, it raised $50,000 from Google. It received another $120,000 as a cohort of the YCombinator programme, and according to Forbes, it also raised $2 million in funding from investors including Tencent, WTI, Venturesouq & Greenhouse Capital.
Why The Investors Invested
This investment is remarkable because it shows VCs are currently, desperately scouting for healthcare startups. This investment in Helium Health will be Global Ventures’ first investment in any health technology firm. Previously, the Dubai-based firm has 14 different investments in companies including fintech startups.
“What we are passionate about now is health technology. It will be for the next five years, what fintech has been for the past five years, “said Noor Sweid, partner of Global Ventures, commenting on the investment made by the firm
Other investors are also eyeing the healthcare sector.
The venture capital arm of Abu Dhabi state investor Mubadala plans to launch a healthcare fund next year to tap into increased demand for investment in life sciences and digital health technology following the coronavirus outbreak.
A Look At What Startup Helium Health Does
Based in Lagos and founded in 2014 by three Nigerians, Goke Olubisi, Tito Ovia and Dimeji Sofowora, Helium Health has developed telemedicine tools as part of the current health crisis that facilitate access to information and test results for patients with covid-19.
“Healthcare can be a form of revenue to a country if proper investment is made in preserving the quality of data. With accurate data, the right kind of budget can be made, we get to do research and a lot more,’’ said co-founder Tito Ovia.
“Only 30% of hospital visits across Africa are recorded so it’s a massive need in the market,” she said.
Helium Health was previously alumni of the Google LaunchPad programme and the prestigious YCombinator accelerator programme. The startup says it now covers more than 300 health facilities across Nigeria, and has over 5,000 medical professionals in its database. It also says it has recorded over 165,000 encounters with patients.
“Since 2016, Helium Health has taken hospitals, clinics and other health facilities digital almost instantly using our flagship Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product. Now, our intuitive and versatile suite of technologies is enabling Providers utilize telemedicine and receive additional financing, Payers validate beneficiaries and process claims quicker, Patients take control of their care, and other Partners receive unprecedented epidemiological insights and real-world evidence, all resulting in significantly better quality of care,’’ the startup noted on its website.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer