Image credit: Numan
The subject of sexual health can be a difficult matter to tackle. With a societal stigma attached to issues such as erectile dysfunction, approaching regular checkups and screening can be a matter of great embarrassment for many men even though these are essential to treat the conditions.
In such circumstances, digital direct access services can help to mitigate the stigma around sensitive health concerns. One startup offering these services is Numan.
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The London-based startup provides men with direct online access to medical professionals, prescription medication, blood testing, and health advice for a range of health issues. Since its inception in 2019, the company claims to have helped ‘thousands of men’ across the UK.
In a recent development, the online health clinic announced that it has raised $40M (approx €33.9M) in its Series B round of funding.
Investors
The current round was led by White Star Capital. In addition, new investor Hanwha Dream Fund and existing investors Novator, Vostok New Global, Anthemis Exponential, and Colle Capital, also participated in the round.
Speaking on the development, Eric Martineau-Fortin, Founder & Managing Partner, White Star Capital says, “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.”
Capital utilisation
The proceeds from this round will help the company accelerate its expansion in new geographies as well as meet the growing demand for digital health services. The funds will also enable Numan to expand the therapeutic areas it covers, pursuing its mission to become a holistic health partner for men.
Sokratis Papafloratos, founder of Numan says, “We started Numan three years ago to help men take better care of themselves. Since then we’ve had a positive impact on the lives of hundreds of thousands of men in the UK. This funding is a significant milestone on our journey to help millions of men be healthier.”
“We now have the team, product, technology, and investor base to accelerate Numan’s growth and fulfill the potential of our vision,” adds Papafloratos.
Digital health clinic for men
Founded in early 2019 by Sokratis Papafloratos, Numan was developed to help men take the right action when it comes to their health and wellbeing. The company’s mission is to make men’s healthcare more accessible.
Numan provides free online healthcare consultations that are no more uncomfortable. It offers men treatment for erectile dysfunction, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies.
Blood tests for general health ‘MOTs’, which aid in determining the causes of conditions such as erectile dysfunction, are also a popular service that does not necessitate in-person appointments.
The company works as a subscription service for healthcare treatments, allowing for medication and other products to be discreetly delivered to the users’ door rather than requiring a pharmacy trip. According to a survey by Numan from over 800 subscribers, 81 per cent of subscribers value Numan for convenience, and 73 per cent for the discretion it provides.
The company is regulated by the Care Quality Commission as a registered healthcare provider.
Recent developments
In October 2020, Numan secured £10M (nearly €11M) in its Series A round of funding led by Novator along with Anthemis Exponential, Colle Capital, and Vostok New Ventures.
In March 2021, the healthtech startup announced the acquisition of Stockholm and Malmö medical science and healthcare technology firm Vi Health. Vi Health offers e-consultation tools (collaborative chat, and voice and video consultations), workflow automation tools, and is a registered Class I medical device that includes an AI-powered symptom checker.
Another such startup is Berlin and San Jose-based Regimen, which offers digital therapy for men’s most intimate health issues starting with ED (Erectile Dysfunction). Just last week the company had raised $2.25M (approx €1.90M) in its Seed round of funding led by Switzerland-based Ringier Digital Ventures. The company says it is gaining traction as the first holistic digital therapy for treating erectile dysfunction, which affects an estimated 150 million people worldwide.
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