We recorded only two funding rounds last week, which was unusually slow. Helium Health raised $30 million to expand its business, with a particular focus on its fintech offering, and Haul247 raised $3 million in seed funding to expand into other African countries.
Seed
Haul247, a Nigerian logistics platform, has successfully raised $3 million in seed funding from Umunthu Fund, Alitheia Capital and Goodwell’s joint fund. Of the total funding, $1 million was secured through debt financing from Investment One.
Established in 2020 by Sehinde Afolayan, Tobi Obasa, and Akindele Phillips, Haul247 offers comprehensive logistics solutions including freight, warehousing, and tech-enabled services to businesses. Through its end-to-end platform, the company connects businesses with haulage and warehousing assets, while also providing proprietary software for managing internal processes such as shipment tracking and asset optimization.
With this recent investment, Haul247 aims to expand its market share, targeting a 20% share and aiming to onboard 50 multinationals onto its platform. Additionally, the startup plans to extend its operations to other African countries where it is currently present.
Series B
Helium Health, a Nigerian healthtech startup, has successfully raised $30 million in a Series B funding round led by AXA IM Alts. The round also saw the participation of new investors, including Capria Ventures, Angaza Capital, Flatworld Partners, and Anne Wojcicki, the co-founder and CEO of 23andMe. Existing investors such as Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC also contributed to this round.
Founded in 2016 by Adegoke Olubusi, Dimeji Sofowora, and Tito Ovia, Helium Health offers software solutions for electronic medical records, hospital management, billing/medical loans, and analytics to healthcare providers and public health organizations.
The funding will be utilized to fuel the growth of Helium Health’s software tools and financing solutions, with a specific emphasis on HeliumCredit, the fintech offering of the startup.
Acquisitions
Rology, a Egypt-based healthtech company, has recently acquired Saudi Arabian counterpart Arkan United in an undisclosed deal.
Arkan United specializes in providing a teleradiology platform tailored for medical centers, local hospitals, and polyclinics. With its existing operations in Egypt and Kenya, this acquisition represents a significant milestone for Rology as it expands its presence in the healthcare sector of Saudi Arabia.
In a significant development for the South African fintech sector, VCAP1 Alliances has acquired Virtual Payment Solutions (VPS) and Switchone. The transaction involves VCAP1 Alliances, a special purpose vehicle established for the merger, becoming the sole owner of both VPS and Switchone. Following the merger, VPS and Switchone will operate as wholly-owned subsidiaries of VCAP1.
VPS serves as an intermediary between mobile network operators and retailers, offering a range of virtual prepaid solutions. Switchone, on the other hand, is an approved third-party payment processor authorized by the South African Reserve Bank.
This merger is in line with the national strategy to strengthen the fintech ecosystem, particularly in the field of digital payment solutions, and foster digital and financial inclusion in South Africa.
Venture Funds
The Transform Health Fund (THF), an initiative managed by AfricInvest, has successfully raised $50 million with the support of the Health Finance Coalition (HFC). The THF is a collaborative effort that brings together commercial, public, and private donors. Notable contributors to the fund include Royal Philips, Merck & Co., the U.S. International Development Finance Corporation, IFC, Swedfund, FSD Africa Investments, Grand Challenges Canada, USAID, Netri Foundation, Anesvad Foundation, Chemonics International, and MCJ Amelior Foundation.
The THF is a blended-finance fund designed to promote local-led health supply chains, care delivery systems, and digital solutions across Africa. Its primary objective is to provide financing to enterprises that strengthen health system resilience and preparedness throughout the continent.
