Numan raises $20M debt funding from Kreos Capital, completing its $60.1M Series B

 

  • New funding coincides with launch of blood testing proposition in the UK, as Numan looks to double headcount in 2022
  • Capital will be used to accelerate growth and cement Numan as the leading consumer health brand for men in Europe, having grown revenues by almost 3x YoY
  • Numan also plans to use the funding to launch new therapeutic areas in men’s health and expand internationally

 

Numan provides men with direct online access to medical professionals, prescription medication, at-home blood testing, and holistic health advice.

Numan, the leading digital platform for men’s health in Europe, has raised $20M in growth debt to fuel its expansion and meet the growing demand for digital health services in the UK and beyond. The financing was provided by growth debt investor, Kreos Capital. It completes a $60.1M Series B round, which was led by White Star Capital, with participation from Novator, VNV Global, and Anthemis Exponential. It places the company in a leading position in the rapidly growing digital health market, which is expected to reach $657B by 2026.

Offering a digital-first service, Numan provides men with treatments for erectile dysfunction, premature ejaculation, hair loss, and nutritional deficiencies on its proprietary, integrated-care platform. The company’s aim is to provide men with the tools they need to improve their health and wellbeing and confront the gender gap when it comes to healthcare-seeking behaviours.

This January, Numan launched a bold campaign around its new product, the Fear Nothing Blood Test. Targeted at men who may be neglecting their health without the awareness that blood test results can provide, the campaign encourages patients to test their blood fearlessly – with the possibility of getting the test for free if all results come back within a normal range.

 

 

Since its inception, the company has helped hundreds of thousands of men across the UK, with the business growing organically and via two strategic acquisitions in the UK and Sweden. With the additional funding, the company will accelerate its development of new therapeutic areas for men’s health, accelerate industry partnerships and facilitate international expansion, building on the strong momentum that saw Numan grow revenue by a rate of 190% since its Series A.

Sokratis Papafloratos, CEO & founder, Numan commented, ‘This most recent funding round is a significant milestone on our journey to help millions of men take better care of themselves.

We are delighted to be working with Kreos Capital alongside our wider team of brilliant investors and look forward to this next stage of accelerating Numan’s plans.

We’re building a new model around care with the patient at its centre, and this funding enables us to invest even further in our product, technology and growth.”

Sean Dunne, partner at Kreos Capital, commented, ‘We are excited by the progress that Sokratis and the wider team at Numan have made to date in building a leading digital platform for men’s health in Europe. Kreos are delighted to partner with Numan to aid their growth, and to help them achieve their long-term goal of removing taboos around men’s health and helping men all over the world live healthier, happier lives.’

 

For further information, please visit: https://www.numan.com