London-based Numan pockets £ 30million to help smash taboos over men’s sexual health
Sexual health is often seen as a private matter and it is usually difficult for men to discuss it. There is also noticeable stigma associated with men’s sexual problems such as erectile dysfunction (ED) and premature ejaculation. Digital men’s health platform Numan is helping men solve their private concerns and has now raised £ 30million in its Series B funding round.
Funding and business growth
Numan’s latest funding round was led by White Star Capital, with participation from the company’s existing investors, Novator, VNV Global, Anthemis Exponential and Colle Capital, and new investor Hanwha Dream Fund. The latest round of funding comes after the company’s £ 10million Series A fundraiser that took place in October 2019.
In a conversation with UKTN, Numan CEO Sokratis Papafloratos notes that the latest funding will be used to expand the business of startups. It will also be used to further develop their digital health technology platform, hire people in all functions and grow the business beyond the UK. Currently, Numan employs over 100 people across the UK, Greece, Sweden and beyond. “We just got a new office in central London with lots of room to grow and we have a number of positions open on our career page,” adds Papafloratos.
Numan aims to be a comprehensive health partner for men, which means that it covers a large number of therapeutic areas that typically affect men. Papafloratos says: “We are particularly focused on areas where we can complement existing health services, and we will roll out new products and services in the new year.
Eric Martineau-Fortin, Founder and Managing Partner of White Star Capital comments: “Men’s health has been underserved by traditional services and needs innovative businesses to break down barriers and ensure taboos do not prevent men to be happy and healthy. Numan’s digital offering helps people take charge of their health in a discreet and decisive way. We are incredibly excited about Sokratis and his team, and look forward to working with them as they grow up.
Solve problems, discreetly
It can be difficult to dispel the stigma attached to certain topics. However, Numan’s vision is to do just that and break the taboo on sensitive male health topics including erectile dysfunction, hair loss, and premature ejaculation. These issues can be difficult for men to discuss and talk about openly, and while not threatening, these issues can certainly impact a person’s quality of life.
“What we do, and what we always aim to do, is to provide simple solutions to sensitive problems, discreetly delivering treatment to men across the UK. We have since expanded to offer home blood tests, smoking cessation aids, supplements and gut health treatments, ”notes Papafloratos.
Numan offers a subscription service, which provides prescription and non-prescription treatment to its members across the UK. The company does all of this online, as common male health issues can be assessed online without the need to make a doctor’s appointment or visit a pharmacy.
“Our service is unique in that we don’t let patients find out for themselves. We have clinicians available to guide and educate people to make the best decisions for their health. Although we don’t hold hands, we are here to provide end-to-end support where it’s needed, ”says Papafloratos.
The future of consultations
With the rapid digitization of most services, it remains to be seen what the future holds for medical consultation. However, Papafloratos believes that this may be a matter of adaptability, as consultations evolve into different channels and modes of communication, so that they can better meet the needs of the patient.
“Providing advice, support and personalization of our service relies heavily on the consultative part of Numan. The broader and more in-depth our proposal and our therapeutic coverage, the more meaningful and timely our consultations, ”notes Papafloratos.