April 30, 2020 / 8:02 AM / 25 days ago

African health startup gets investment from Dubai venture firm, Tencent

DUBAI, April 29 (Reuters) - Dubai-based Global Ventures has co-led a $7 million investment with AAIC Japan in Helium Health, West Africa’s largest electronic medical records provider, as investors scour for health-related startups amid the coronavirus outbreak.

The Lagos-based startup also received investment from China’s Tencent, Noor Sweid, general partner and founder at Global Ventures told Reuters.

“Only 30% of hospital visits across Africa are recorded so it’s a massive need in the market,” she said.

This is Global Ventures’ first investment in a health technology firm. The Dubai-based firm has 14 different investments in companies including fintech startups.

“Now what we are excited about is health tech. That for the next five years is what fintech was for last five years,” Sweid said.

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. (Reporting by Saeed Azhar; editing by John Stonestreet)

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