Manual, a UK-based startup selling medication and supplements for men’s health conditions, has raised £29.2m, the company has confirmed to Sifted.
The healthtech issued the new shares in May and June this year, according to Companies House filings.
The round featured existing investors Felix Capital and Cherry Ventures, alongside new investor Octopus Ventures. The fresh capital takes Manual’s total funding to more than £50m.
“We will continue using this capital to invest in delivering even better health outcomes for our patients, while ramping up our investment in technology and accelerating our expansion across Brazil,” George Pallis, CEO and cofounder, tells Sifted.
Treating men’s health
Founded in 2018, Manual sells and prescribes medication, diagnostic tools and supplements for conditions ranging from erectile dysfunction and hair loss, to low testosterone and weight loss. It also provides a hair transplant service from two physical clinics in London and Leeds.
Over the past six years, Manual says it has served more than 500k patients.
Alongside its home market of the UK, Manual launched in São Paulo, Brazil in 2021 — now a key expansion target for the company.
“We saw an opportunity to improve quality care in a vast market where, outside of the big cities, there is limited healthcare access,” says Pallis. “We’ve since expanded nationwide.”
The rise of weight loss
Manual’s offering has grown considerably since it last raised external funding — in a $30m round in 2021. Back then the startup was only offering treatment for erectile dysfunction and hair loss.
One of its more recent areas of care include dispensing a new class of weight loss drugs that have taken the world by storm — GLP-1s (most famously sold under the brand names Ozempic and Wegovy, produced by Novo Nordisk).
Manufacturers have struggled to keep up with demand, and popularity of Ozempic to treat weight loss has caused shortages of the drug for diabetic patients — who it was initially intended for.
Supply chain issues are slowly improving, and Manual is just one of a number of European startups looking to tap into the wave of consumer interest in using GLP-1 drugs for weight loss.
“As there are severe shortages of GLP-1 drugs in Europe (Eli Lilly and Novo Nordisk are prioritising the US as pricing is higher) the opportunity to date in Europe has been limited but growing,” Christoph Ruedig, partner at Albion VC, told Sifted via email in August.
UK-based Numan, which like Manual marketed itself as a “men’s health” brand for years and began life selling treatment for erectile dysfunction, has also recently broadened its offering to include weight loss treatment. It’s also widened its target demographic; the startup now uses images of men and women on its weight loss landing page.
Women’s health startups are also joining the party. Sexual wellness brand Hanx — which sells condoms, lube and sex toys — launched its own GLP-1 offering earlier this month.
Read the orginal article: https://sifted.eu/articles/mens-health-manual-raises-29m-news/
