Digital health provider Numan has raised $57m as it looks to scale internationally following a surge in demand for weight loss drugs.
The meteoric rise of a new class of weight loss medicines over the past three years, known as GLP-1s and going by brand names such as Wegovy and Mounjaro, has seen a number of European startups pivot to providing the drugs.
Numan — which began prescribing GLP-1s along with an obesity management programme in September 2023 — saw its revenue more than double year-on-year to $90m in 2024. Weight loss treatment now makes up the majority of the startup’s revenue, following an “explosion in demand”, says founder and CEO Sokratis Papafloratos.
The fresh funds, which are made up of $30m in equity funding and $27m in debt, total the largest-ever round for a weight loss drugs provider in Europe. Big Pi Ventures led the equity investment, while HSBC Innovation Banking provided the debt.
It’s the latest raise for a European startup selling weight loss treatment online. In 2024, Sweden’s Yazen picked up €20m and Britain’s Manual raised £29m.
Booming demand for weight loss treatment
Founded in 2018, Numan’s raise takes its total funding to around $100m in equity and $50m in debt.
The startup began life focusing on men’s health, offering erectile dysfunction and hair loss treatment. But as demand for weight loss treatment went through the roof with the emerging popularity of Wegovy and Mounjaro, business has boomed, says Papafloratos.
“The growth of that particular area has been faster than historical parts of proposition,” he tells Sifted — and Numan is predicting that curve to get steeper. Papafloratos says the startup will likely make close to $200m in revenue in 2025, nearly five times the annual turnover two years earlier.
Numan has treated over 650,000 patients across obesity management, men’s health and diagnostics since launching, the company says.
The startup plans to expand into female health, alongside releasing an AI health coach — which is currently available to customers on the weight loss treatment plan and can give tips on diet and exercise — more widely.
While Papafloratos tells Sifted the UK remains Numan’s primary market, the company is also considering international expansion in a number of markets globally.
Read the orginal article: https://sifted.eu/articles/numan-raise/
