Numan, the European subscription service covering erectile dysfunction (ED) and men’s wellness / health needs in general, has raised $ 40 million in a Series B funding round led by White Star Capital, with the participation of existing investors Novator, Vostok New Global, Anthemis Exponential, Colle Capital and the new investor Hanwha Group. The new cycle will be used to fuel the expansion.
Numan’s current list of services covers erectile dysfunction, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies. But they can also do blood tests for general health needs that don’t require an in-person appointment.
After the pandemic, the digitization of health and wellness continues at a rapid pace. If we hadn’t had a pandemic, vitamins and the like, delivered through the mailbox, would almost certainly have continued to grow steadily as a business. But with the pandemic, businesses that can meet our healthcare needs remotely have exploded.
Who would have considered doing a blood test remotely a ‘normal thing’ two years ago? Now it is practically necessary. In this space, wellness companies have uncovered a hugely lucrative set of trends: an aging male population eager to stay sexually active, increasingly aware of their own health, the convenience of membership, and the imperative of the pandemic to keep things at bay. turned out to be a powerful combination of forces.
Numan is not alone in this space. Roman and Hims, for example, are two big players in the United States. The open door that Numan is pushing against is more this larger movement around men’s health, to which men themselves are increasingly open. In addition to its organic growth, Numan also made two strategic acquisitions of companies in the UK and Sweden to expand its presence. It is likely that this new turn will lead to similar strategy games.
Since sexual health is a touchy subject for men, digital services are stepping in to alleviate any embarrassment of having to sit in front of the family’s GP. Numan is also regulated by the Care Quality Commission as a registered healthcare provider, which gives it another seal of approval.
Numan says men now prefer his model over in-person health meetings. In their own survey of 800 subscribers, 88% said using the service improved their confidence, while 68% said using Numan also improved their relationships, and more than half said that Effects of the pandemic had given them a more positive impression of using digital healthcare.
In a statement, Sokratis Papafloratos, CEO and Founder of Numan, said: “This funding is an important step in our journey to help millions of men be healthier. White Star Capital is one of the best investors in our field, and I am delighted to be working with a larger team of brilliant investors.
Speaking to me on a call, Papafloratos added that despite the strong competition in the space, “this is not a win-win market. We have 25 languages on the team, so we understand the market, the patients, the regulations, we understand it more in depth than many competitors.
Eric Martineau-Fortin, Founder and Managing Partner, White Star Capital: “Men’s health has been underserved by traditional services and needs innovative businesses to break down barriers and ensure that taboos do not prevent them. men to be happy and healthy. Numan’s digital offering helps people take charge of their health in a discreet and decisive way. We are incredibly excited about Sokratis and his team, and we look forward to working with them as they grow up.