Sexual health is often regarded as a private matter and men usually have a hard time discussing it. There’s also notable stigma attached to men’s sexual issues such as Erectile Dysfunction (ED) and premature ejaculation. The digital platform for men’s health Numan is Helping men with their private issues and it has now raised £30 million in its series B funding round.
Funding and business growth
The latest funding round for Numan was led by White Star Capital, with participation from the company’s existing investors Novator, Vostok New Global, Anthemis Exponential and Colle Capital, and new investor Hanwha Dream Fund. The latest funding round comes after the company’s £10 million series A funding raise that happened back in October 2019.
In a conversation with UKTN, Numan’s CEO Sokratis Papafloratos notes that the latest funding will be utilised to grow the startups’ business. It will also be used to further develop their digital health tech platform, hire people across all functions and expand the company beyond the UK. Currently, Numan employs over 100 people across the UK Greece, Sweden, and beyond. “We have just secured a new office in central London with plenty of room for us to grow and we have got a number of open roles on our career’s page,” Papafloratos adds.
Numan aims to be a complete health partner for men which entails it covering a large number of therapeutic areas that commonly affect men. Papafloratos says, “We’re particularly focused on areas where we can complement existing health services, and we’ll be rolling out new products and services in the new year.”
Eric Martineau-Fortin, Founder & Managing Partner of White Star Capital comments, “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. We’re incredibly excited by Sokratis and his team, and look forward to working with them as they grow.”
Addressing the problems, discreetly
It can be difficult to dispel the stigma attached with certain subjects. However, Numan’s vision is to do just that and break the taboo around sensitive male health topics including erectile dysfunction, hair loss, and premature ejaculation. These issues can be difficult for men to openly discuss and talk about, and while non-threatening, these problems can certainly impact someone’s quality of life.
“What we do, and what we always aim to do, is provide simple solutions to sensitive problems, discreetly delivering treatments to men across the UK. We have since expanded into offering at-home blood tests, smoking cessation aids, supplements, and gut health treatments,” Papafloratos notes.
Numan offers a subscription-based service, which delivers both prescription and non-prescription treatments to its members across the UK. The company does all of this online since common male health issues can be assessed online with no requirement for an in-person doctor appointment or pharmacy visits.
“Our service is unique in the sense that we don’t leave patients to figure it out for themselves. We have on-hand clinicians to guide and inform people to make the best decisions for their health. While we don’t hold hands, we are there to provide end-to-end support where it’s needed,” Papafloratos says.
The future of consultations
With the rapid digitisation of most services, it remains to be seen what the future of medical consultation holds. However, Papafloratos believes that it may be all about adaptability as consultations are moving to different channels and modes of communication, so that they can best meet a patient’s needs.
“Offering guidance, support and personalisation of our service, is very much based on the consultative part of Numan. The broader, and deeper our proposition and therapeutic coverage becomes, the more meaningful, and timely our consultations,” Papafloratos notes.
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