London-based digital health startup Numan has raised €33 million in funding, bringing the company’s funding up to €44 million, following a Series A funding in October 2020.
The round was led by White Star Capital, with existing investors Novator, Vostok New Global, Anthemis Exponential and Colle Capital, and new investor Hanwha Dream Fund participating.
WHY IT MATTERS
The company offers a digital subscription service for healthcare treatments for users to treat men’s health issues, such as erectile dysfunction, premature ejaculation, hair loss, gut and lung health and nutritional deficiencies.
According to a Eurostat survey, the frequency of consultations with GPs in the EU was higher for women than for men.
Numan aims to tackle the embarrassment and stigma that men can feel about talking about their health and seeking help for conditions that may be seen as a taboo.
The company will use the funding to expand its services by offering complementary existing health services in therapeutic areas that affect men.
THE LARGER CONTEXT
In March 2021, Numan acquired Sweden’s Vi-Health to continue its expansion and become a full-stack digital health provider.
Across the world, men die about five years earlier than women. Yet men’s health, and health inequalities experienced by men are not things that many policymakers focus on says Prof. Sam Shah, chief medical strategy officer, Numan Health.
ON THE RECORD
Shah told MobiHealthNews: “Numan have made some real progress over the last few years in reducing the stigma around men’s health and making it easier for men to understand their health. We are looking forward to expanding our offer through development of our technology, increasing our range of services and widening our diagnostic offering. This will help continue to improve access to health services and reduce inequalities for men.”