Numan, a European digital platform for men’s health, has raised USD40 million in a series B funding round to fuel its expansion and meet the growing demand for digital health services.
The round was led by White Star Capital, with participation from existing investors Novator, Vostok New Global, Anthemis Exponential and Colle Capital, and new investor Hanwha Dream Fund.
Offering an entirely digital service, Numan provides men with treatment for erectile dysfunction, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies. Blood tests for general health ‘MOTs’, which aid in determining the causes of conditions such as erectile dysfunction, are also a popular service that does not necessitate in-person appointments.
A ‘grower’ as much as a ‘shower’, the company stands for a more comprehensive movement to ‘help men – and all that know them – live healthier, happier lives’, alongside their core business goals. Since its inception, Numan has helped hundreds of thousands of men across the UK, with the business growing organically and via two strategic acquisitions in the UK and Sweden.
With its $40m funding package, Numan is expanding the therapeutic areas it covers, pursuing its mission to become a holistic health partner for men. The company will also use the funds to fuel international expansion.
Sexual health can be a difficult subject for men to tackle, with significant stigma attached to issues such as erectile dysfunction. Digital services help to mitigate feelings of shame or embarrassment around sensitive health concerns by offering a level of privacy that is not possible through the more traditional option of seeing a GP. The convenience factor of online consultations also holds true in light of the Covid-19 crisis, wherein digital and private healthcare have become the preferred options for many.
Numan works as a subscription service for healthcare treatments, allowing for medication and other products to be discreetly delivered to your door rather than requiring a pharmacy trip. All patients have ongoing access to a team of clinicians that are on hand to help and inform them to make the best decisions for their health. Numan is also regulated by the Care Quality Commission as a registered healthcare provider.
In a recent survey of over 800 Numan subscribers, 88 per cent said that using the service has improved their confidence, while 68 per cent say that using Numan has also improved their relationships. Over half of Numan customers say that the pandemic and changing world over the last two years has given them a more positive opinion of using digital healthcare, with 81 per cent of subscribers valuing Numan for convenience, and 73 per cent for the discretion it provides.
Sokratis Papafloratos, CEO & founder, Numan, says: ‘We started Numan three years ago to help men take better care of themselves. Since then we’ve had a positive impact on the lives of hundreds of thousands of men in the UK, and have been humbled and inspired by the response that the Numan offering has had. This funding is a significant milestone on our journey to help millions of men be healthier. White Star Capital is one of the best investors in our space, and I’m delighted to be working together along with a wider team of brilliant investors. We now have the team, product, technology, and investor base to accelerate Numan’s growth and fulfil the potential of our vision.’
Eric Martineau-Fortin, Founder & Managing Partner, White Star Capital, adds: ‘Men’s health has been under-served by traditional services and needs innovative businesses to break down barriers and ensure taboos don’t prevent men from being happy and healthy. Numan’s digital offering helps men take charge of their health discreetly and decisively. We’re incredibly excited by Sokratis and his team, and look forward to working with them as they grow.’
