Numan, the European subscription service covering erectile dysfunction (ED) and men’s wellness/health needs more generally, has raised $40 million in a Series B funding round led by White Star Capital, with participation from existing investors Novator, VNV Global, Anthemis Exponential, Colle Capital and new investor Hanwha Group. The new round will be used to fuel expansion.
Numan’s services cover ED, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies. But they can also do blood tests for general health needs which don’t require in-person appointments.
Post-pandemic, the digitization of health and wellness continues apace. Had we not had a pandemic, vitamins, and the like, delivered through the letterbox, would almost certainly have continued to grow steadily as a business. But with the pandemic, businesses that can speak to our health needs remotely have exploded.
Who would have considered taking a blood test remotely a "normal thing" two years ago? Now it’s practically required. Into this space, wellness companies have uncovered an extremely lucrative nexus of trends: an aging male population with a desire to remain sexually active, increasing awareness of their own health, the convenience of subscription, and the imperative of the pandemic to keep things remote has proven 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 U.S. The open door Numan is pushing against is more of this wider movement around male health, which men themselves are becoming more open to. As well as growing organically, Numan has also made two strategic acquisitions of companies in the U.K. and Sweden to expand its footprint. It’s likely this new round will lead to similar strategic plays.
With sexual health a tricky subject for men, digital services are stepping in to mitigate any embarrassment around having to sit in front of the family GP. Numan is also regulated by the Care Quality Commission as a registered healthcare provider, giving it a further stamp of approval.
Numan claims men now prefer its model to in-person healthcare meetings. In its own survey of 800 subscribers, 88% said that using the service has improved their confidence, while 68% say that using Numan has also improved their relationships, and over half said the 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 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.”
Speaking to me over a call, Papafloratos added that despite there being a lot of competition in the space “this is not a winner-takes-all-market. We have 25 languages on the team so we understand the market, patients, regulation, we understand it more in-depth than many competitors.”
Eric Martineau-Fortin, founder and managing partner, White Star Capital: “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."