An online subscription-based men’s sexual health and wellness platform, Numan has raised $40 million in Series B funding.
White Star Capital led the funding round with existing investors Novator, Vostok New Global, Anthemis Exponential, Colle Capital, and new investor Hanwha Group.
The company plans to use the new funds to fuel its expansion. “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,” Sokratis Papafloratos, CEO and founder of Numan, said in a statement.
Numan offers a digital subscription service for men’s sexual health and wellness. The company’s online services cover erectile dysfunction, premature ejaculation, hair loss, gut and lung health, nutritional deficiencies, and blood tests for general health needs that do not require in-person appointments.
“We live in exponential times, and healthcare is going through unprecedented change. Changes in infrastructure, technology, regulation, and consumer behaviors combine to create new models around the delivery of care and how we proactively look after our health. A truly personalized, proactive, and data-driven approach is now within reach. Technology developments across the entire health ecosystem hold huge promise, with diagnostic AI, digital therapeutics, and life sciences painting a bright future for humanity’s health,” Numan said in a statement.
Numan said men now prefer its model to in-person healthcare meetings. In its 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. Over half said the effects of the pandemic had given them a more favorable impression of using digital healthcare.
Digital personal health and wellness companies secured $1.8 billion in the first half (1H) of 2021 compared to $300 million in 1H 2020, over a 500% increase year-over-year, according to the latest Mercom Digital Health Funding and M&A Report.