Funding profile · Health systems software and lending

Helium Health

Two announced equity rounds totalling $40 million, no securities filings anywhere in the public record, and a lending book whose size is known mainly because an independent outlet asked. This is what the documents support.

$40.0MAnnounced equity across two rounds, 2020 and 2023
$30.0MSeries B, June 2023, led by AXA IM Alts
$10.9MHeliumCredit disbursed to 460+ facilities, reported Sep 2025
0SEC Form D filings on record for the company

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2017 Y Combinator batch Not disclosed Y Combinator Independent
May 2020 Series A $10.0M Co-led by Global Ventures and Africa Healthcare Masterfund (AAIC); Tencent, Ohara Pharmaceutical, HOF Capital, Y Combinator, VentureSouq, Chrysalis Capital, Kairos Angels, Flying Doctors Healthcare Investment Company Release, confirmed by Reuters
Nov 2021 Acquisition of Meddy (Qatar) Undisclosed Meddy had raised about $1.8M before the deal Independent
Nov 2022 Gates Foundation grant $499,870 Bill and Melinda Gates Foundation, 22 months Grant record
Jun 2023 Series B $30.0M Led by AXA IM Alts; Capria Ventures, Angaza Capital, Anne Wojcicki, Flatworld Partners; existing Global Ventures, Tencent, Ohara, LCY Group, WTI, AAIC Release, widely reported
Nov 2024 GSMA Innovation Fund grant Amount not disclosed GSMA, with UK Foreign, Commonwealth and Development Office support Grant record

What the public records show

Bill and Melinda Gates Foundation · committed grant INV-046250 · November 2022

Amount
$499,870
Duration
22 months
Division
Gender Equality; Global Health
Topic
Discovery and translational sciences; maternal, newborn, child nutrition and health
Grantee location
Lekki Phase 1, Lagos, Nigeria
Region served
Africa

GSMA · Innovation Fund for Humanitarian Challenges · November 2024

Purpose
Add geospatial mapping, USSD and robocall alerts to the HeliumDoc platform for flood-prone regions
Context cited
2022 floods damaged more than 22.9 percent of health facilities in the target states
Deployment
Delta and Bayelsa states, announced July 2025 with the state governments
Amount
Not published

US International Development Finance Corporation · Nigeria health sector SME lending

Guaranteed party
First City Monument Bank Limited
Guaranty
$7,000,000 over 9 years
All-source funding
$10,000,000
Helium Health
Not named in this or any other DFC public information summary found

SEC EDGAR · no filings

Form D
None under the company name or any related vehicle
Other federal records
No FDA clearance, registered trial, NIH or NSF award
Implication
Round sizes rest on company releases and the reporting that followed them

Reading the filings

  1. Forty million dollars over seven years, and then quiet.The 2023 round was three times the 2020 round. Nothing has been announced in the 39 months since June 2023, which is longer than the 37 months between the two rounds.
  2. US securities records do not see this company.There is no Form D, so nothing here has a filed first-sale date, investor count or amount sold to check the press releases against. A company incorporated in Nigeria that raises from Dubai, Tokyo, Shenzhen and Paris need never file one.
  3. The loan book grew in size faster than in reach.June 2023: $3.5M across more than 200 facilities, about $17,500 each. September 2025: $10.9M across more than 460 facilities, about $23,700 each. That is 3.1 times the capital and 2.3 times the borrowers in 27 months. The stated target was 1,000 lending customers by 2024.
  4. The DFC partnership has no counterpart document.The Series B release names the DFC as the partner for that 1,000 facility target. DFC publishes a summary for each transaction, and the one covering health sector SME lending in Nigeria names a bank, not Helium Health. Absence of a summary is not proof of absence of a deal, but three years on there is nothing to read.
  5. Grant money is small in dollars and large in scope.The Gates grant is $499,870, about 1.2 percent of announced equity, and the maternal health consortium it sits alongside covers 250 facilities.
  6. The cap table is corporate, not classic venture.An insurer (AXA IM Alts), an internet group (Tencent), a Japanese drug maker (Ohara) and a Taiwanese chemicals group (LCY) hold positions. Global Ventures took a board seat at the Series A, per its general partner at the time.

Commercial signals

Signal Detail Source type
Revenue No figure in any public record. In 2020 the CEO said the company was profitable with revenues in the millions of dollars. Nothing since. Company-stated
Footprint Six African markets plus Qatar and the UAE, 150 staff across 10 countries (2023). Company-stated
Named customers Paelon Memorial, Lagos (2020). Yanga Dental, Lagos, a 25 million naira borrower (2025). Independent
Government Ekiti State memorandum with Sterling Bank, July 2021, a pilot of about 300 million naira over five years across four facilities. Akwa Ibom and Lagos work listed by the company. Independent and company
Institutional validation Gates Foundation and GSMA grants; IFC TechEmerge award 2020; Endeavor Entrepreneur selection 2021. Public record
Evidence gap No audited accounts, no valuation, no disclosed loan loss rate, no published evaluation of clinical or health outcomes. Not found

What to watch

  • A Series C, or a secondary. Three years without an announced round is the most informative number on this page.
  • Any DFC, IFC, British International Investment or Proparco disclosure that names Helium Health, which would put a verified figure on the credit business.
  • Loan performance. Repayment is described as high by the company and by its credit team; no default or provisioning figure has been published.
  • Whether the 1,000 facility lending target, set for 2024, is restated or quietly dropped.
  • Any Nigerian or Gulf regulatory filing that would put audited revenue into the public record.

The Helium Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Farmako Healthcare: Shared investor: Hof Capital. A Gurugram startup that pivoted from a digital health records app to 30 minute medicine delivery, now running pharmacies in Gurugram and Moradabad while it works toward
  • Careforce: Shared investor: Innovation Fund. Autonomous AI agents that phone Medicaid members and clinic patients in their own language and book them in
  • XGenomes: Shared investor: Hof Capital. A Cambridge, Massachusetts company reading DNA in five letter words instead of one base at a time
  • Reshape Biotech: Shared investor: Innovation Fund. A Copenhagen company that builds one robot for each routine job in a microbiology lab: pouring agar, incubating plates, photographing them and counting what grows

Sources

  1. Public recordCommitted grant INV-046250Gates Foundation · Nov 2022
  2. Public recordHelium Health grantee page, GSMA Innovation FundGSMA · accessed Sep 2026
  3. Public recordPublic information summary, First City Monument Bank health SME guarantyUS International Development Finance Corporation
  4. Public recordPulled record set showing no Form D, FDA, trial, NIH or NSF matchrecords.json · Sep 2026
  5. IndependentAfrican startup Helium Health closes $10 million funding roundReuters · May 7, 2020
  6. IndependentNigeria’s Helium Health raises $10M Series A for Africa expansionTechCrunch · May 6, 2020
  7. IndependentHelium Health gets $30M, backed by AXA IM Alts and 23andMe’s Anne WojcickiTechCrunch · Jun 5, 2023
  8. IndependentInside Helium Health’s innovative healthcare financing modelTechCabal · Jul 12, 2023
  9. IndependentHeliumCredit is financing Africa’s private clinics, one loan at a timeNigeria Health Watch · Sep 2025
  10. IndependentEkiti govt partners Helium Health, Sterling Bank on digitisation of hospitalsNigerian Tribune · Jul 31, 2021
  11. CompanyHelium Health secures $10 million in Series A financing roundHelium Health · May 7, 2020
  12. CompanyAnnouncing Helium Health’s $30M Series BHelium Health · Jun 5, 2023

Compiled from Gates Foundation, GSMA, DFC and SEC public records and published reports as of September 22, 2026. No Regulation D filing exists for this company, so round figures come from company releases and contemporaneous reporting rather than filed documents. Healthcare Venture Capital Fund holds no position in Helium Health. This page is not an offer to sell or a recommendation to buy any security.