London-based digital health startup Numan just announced $ 40 million Series B – the biggest increase in the men’s health space in Europe to date.
The round brings Numan’s total funding to $ 53 million, following its Series A of $ 13 million in October 2020. Other notable increases in the – currently modest – men’s health or mentech sector are those of Manual, based in London. $ 30 million Series A in March 2021, and Spring’s based in Munich seed tower in February 2019.
Investors hope that European startups can replicate the success of their American peers in men’s health such as Hims & Hers. The men’s wellness brand went public in January this year, after its unicorn valuation of 1.5 billion euros. The company also acquired Honest Health, a UK-based hair loss brand, in June this year with the aim of expanding in Europe.
The latest round of Numan was led by White Star Capital, with participation from existing investors Novator, VNV Global, Anthemis Exponential and Colle Capital, and new investor Hanwha Dream Fund.
The company, founded in 2018, offers a digital health treatment subscription service for users to address men’s health issues, such as erectile dysfunction, premature ejaculation, hair loss, gut health. and pulmonary and nutritional deficiencies.
Its digital services not only aim to alleviate any sense of shame users may experience – by providing a sense of privacy – but also had a practical benefit during Covid-19. Amid the health technology boom fueled by the pandemic in Europe this year, funding for the holistic sector has reached an all-time high of â¬ 9.8 billion in 2021 against â¬8.1 billion in 2020.
âWe are seeing a big change in attitudes towards men’s health, and we are one of the companies driving that change. “
âThe pandemic was a factor [in mentechâs growth], because it accelerates the adoption of digital in all sectors. More importantly, we are seeing a big change in attitudes towards men’s health, and we are one of the companies driving that change, âNuman told Sifted.
According to a recent survey, the frequency of consultations with general practitioners in the EU was higher for women than for men. âMen are not looking for the health care they need,â says Numan. “Sadly, these statistics aren’t as shocking as they should be – we sort of accept them for the way things are.”
The startup wants to tackle the embarrassment that men may experience talking about their health and seeking help for issues, such as erectile dysfunction and hair loss, that might otherwise be considered. as taboos. Its objective is to expand its services to become a âcomprehensive health partner for menâ, by offering âexisting complementary health servicesâ in therapeutic areas that affect men.
In an effort to do so, Numan acquired Vi-Health of Sweden, an AI platform that provides symptom checkers and remote consultations, in March 2021. âVi-Health is an exceptional company and we fit perfectly in terms of vision, IP and skills, âNuman told Sifted. âIts technology and intellectual property will help us get there faster. ”
Following this acquisition, Numan âjoined a partner pharmacyâ. Today, although no specific decision has been made as to the location, “the international expansion is very much within [its] plans.