Digital men's health firm Numan raises $20m to fuel expansion

UK-based men's health specialist Numan has received a $20 million cash injection from investor Kreos Health, which will be used to extend its digital health platform in Europe and expand the range of therapeutic areas it covers.

The company provides services like online consultations, supply of prescription and over-the-counter (OTC) medicines and dietary supplements, and pathology and screening services, focusing on common male health conditions like erectile dysfunction, premature ejaculation, hair loss and nutritional deficiencies.

It recently launched a blood testing service that screens patients for up to 21 biomarkers for a range of chronic conditions, including diabetes and heart, liver and kidney diseases, with the results screened by a UK physician, tapping into the trend toward remote healthcare that has gathered momentum during the pandemic.

The Fear Nothing Blood Test service is aimed at people who may be neglecting their health, through poor diet and inactivity for example, and provide an early warning of looming problems.

The service centres around a test kit delivered to people at home, with the service starting at a cost of £98, but with a chance to get it for free if all the tests come back as normal.

The latest raise completes a series B fundraising by the company that brought in just over $60 million, which saw participation from White Star Capital, Novator, VNV Global, and Anthemis Exponential.

Numan said its revenues have risen nearly threefold since its $14 million series A closed in 2020, and that it has helped "hundreds of thousands of men across the UK" manage their health.

Its digital health platform has been expanded via a couple of acquisitions, including last year's takeover of Sweden's Vi Health, which added a suite of tools including an artificial intelligence-powered symptom checker and chat, voice and video call technology for remote consultations.

Earlier, it bought UK-based Honest Health, a hair loss brand, and has also suggested it may look at other M&A opportunities to accelerate its growth.

The company's chief executive and founder, Sokratis Papafloratos, said: "This most recent funding round is a significant milestone on our journey to help millions of men take better care of themselves."

He added: "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."