Numan Raises $40M Series B to Expand Remote Wellness Platform

Numan Secures $40 Million in Series B Funding

Numan, a European subscription service focused on addressing erectile dysfunction (ED) and broader men’s wellness needs, has successfully completed a $40 million Series B funding round. White Star Capital spearheaded the investment, with contributions from existing stakeholders including Novator, VNV Global, Anthemis Exponential, Colle Capital, and the addition of Hanwha Group.

The newly acquired capital will be strategically allocated to facilitate the company’s continued expansion initiatives.

Comprehensive Services Offered by Numan

Numan provides a diverse range of services encompassing treatments for ED, premature ejaculation, and solutions for hair loss. Furthermore, they address concerns related to gut and lung health, as well as nutritional deficiencies.

Beyond treatment offerings, Numan facilitates convenient blood tests for general health assessments, eliminating the necessity for traditional in-person medical appointments.

The Rise of Digitized Healthcare

The shift towards digitized health and wellness solutions has accelerated significantly following the recent pandemic. While the delivery of vitamins and supplements via mail was already experiencing growth, the pandemic dramatically amplified the demand for remote healthcare services.

Remote blood testing, once considered unconventional, is now becoming increasingly commonplace. This trend, coupled with an aging male demographic seeking sustained sexual health, heightened health awareness, the convenience of subscription models, and the necessity for remote access during the pandemic, has created a powerful synergy for wellness companies.

Competitive Landscape and Strategic Growth

Numan operates within a competitive market alongside companies like Roman and Hims in the U.S. The company is capitalizing on a growing openness among men regarding their health and is actively expanding its reach.

In addition to organic growth, Numan has strategically acquired companies in both the U.K. and Sweden to broaden its operational footprint. It is anticipated that this new funding round will enable further strategic acquisitions.

Addressing Male Health Concerns with Discretion

Digital healthcare services like Numan are effectively addressing the sensitivity surrounding men’s health issues, offering a discreet alternative to traditional consultations with a general practitioner. Numan’s registration with the Care Quality Commission as a healthcare provider further reinforces its credibility.

The company reports a preference among men for its digital model compared to in-person healthcare visits.

Positive Impact on Subscribers

According to Numan’s survey of 800 subscribers, 88% reported increased confidence through service utilization. Additionally, 68% indicated improved relationships, and over half expressed a more favorable view of digital healthcare as a result of the pandemic’s influence.

Statements from Leadership

Sokratis Papafloratos, CEO and founder of Numan, stated: “This funding represents a pivotal moment in our mission to enhance the health of millions of men. We are pleased to collaborate with White Star Capital and our esteemed investor network.”

Papafloratos further emphasized Numan’s deep understanding of the market, patients, and regulatory landscape, highlighting a team proficient in 25 languages.

Eric Martineau-Fortin, founder and managing partner at White Star Capital, commented: “Men’s health has historically been underserved, necessitating innovative solutions to overcome barriers and address stigmas. Numan’s digital platform empowers men to proactively manage their health with discretion and confidence. We are excited to support Sokratis and his team as they continue to grow.”