Neumann, a European subscription service covering erectile dysfunction (ED) and men’s health/health needs, has raised $40 million in a Series B funding round. white star capital, with participation from existing investors Novator, Vostok New Global, Anthemis Exponential, Coal Capital and new investor Hanwha Group. The new round will be used to spur expansion.
Numan’s current roster of services includes ED, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies. But they can also do blood tests for general health needs that don’t require in-person appointments.
After the pandemic, the digitization of health and wellness continues at a rapid pace. If we didn’t have a pandemic, vitamins, and so on, distributed via letterbox, would certainly continue to grow rapidly as a business. But with the pandemic, businesses that can talk about our healthcare needs from afar have exploded.
Who would have considered a remote blood test a ‘normal thing’ two years ago? Now it is practically necessary. In this area, wellness companies have uncovered an extremely fascinating nexus of trends: an aging male population with a desire to be sexually active, increasing awareness of their own health, facilitating memberships, and keeping things afloat. The inevitability of the pandemic. proved to be a powerful combination of forces.
Numan is not alone in this space. For example, Roman and Himes are the two big players in America. The open door that Numan is pushing against is this widespread movement around male health, to which men themselves are becoming more open. As well as growing organically, Numan has also made two strategic acquisitions of companies in the UK and Sweden to expand its footprint. It is likely that this new round will lead to similar strategic plays.
With sexual health a difficult topic for men, digital services are moving forward to ease any embarrassment of having to sit in front of a family GP. Numan is also regulated by the Care Quality Commission as a registered healthcare provider, giving it another seal of approval.
Numan claims that men now prefer the model of in-person healthcare meetings. In their own survey of 800 customers, 88% said that using the service has improved their confidence, while 68% say that using Numan has also improved their relationships, and more than half Said that the effects of the pandemic have given him a more positive impression. Using Digital Healthcare.
Numan CEO and Founder, Sokratis Papafloratos, said in a statement: “This funding is an important milestone in our journey to help millions of men get healthier. White Star Capital is one of the best investors in our region, and I am delighted to be working closely with an extensive team of brilliant investors.”
Speaking to me on a call, Papafloratos said that despite there being a lot of competition in the space, “it’s not a winner-takes-all-market. Our team has 25 languages so we understand the market, patients, regulation, we understand it more deeply than many competitors.”
Eric Martino-Fortin, founder and managing partner of White Star Capital, said: “Men’s health is under-served by traditional services and innovative businesses are needed to break down barriers and ensure that taboos keep men happy and happy. Wellness doesn’t stop you from being healthy. Numan’s digital offering helps men take responsibility for their health judiciously and decisively. We’re incredibly excited by Sokratis and his team, and with them as they move forward Look forward to working.”