Digital health startup Numan has raised $57 million to drive its international expansion, fueled by a meteoric rise in demand for GLP-1-based weight loss medications. The funding round, which includes $30 million in equity led by Big Pi Ventures and $27 million in debt from HSBC Innovation Banking, marks the largest-ever raise for a European digital provider of weight loss drugs.
With weight loss treatment now comprising the bulk of its revenue, Numan has pivoted from its men’s health roots to ride the wave of a global appetite for GLP-1 medications such as Wegovy and Mounjaro. As patients seek medically guided, digital-first solutions, Numan positions itself at the forefront of Europe’s healthtech transformation.
From Men’s Health to Metabolic Management
Sokratis Papafloratos founded Numan in 2018 to address stigmatized men’s health issues like erectile dysfunction and hair loss. The platform quickly gained traction in the UK by combining discreet consultations with direct-to-door prescriptions. However, as weight loss drugs gained momentum in 2022 and 2023, Papafloratos identified a significant opportunity.
By September 2023, Numan had added GLP-1 prescriptions to its offerings, bundling them with a clinically informed obesity management program. Within a year, this vertical overtook its original services. In 2024, Numan’s revenue more than doubled year-on-year to $90 million, with GLP-1-based weight loss treatments driving the majority of that growth.
“Demand for weight loss treatment exploded,” Papafloratos said. “It’s growing faster than anything we’ve done historically.”
GLP-1s: The Billion-Dollar Catalyst
The GLP-1 drug class, which includes semaglutide-based Wegovy and tirzepatide-based Mounjaro, reshaped the global obesity treatment landscape. These medications, initially developed for Type 2 diabetes, also deliver significant and sustained weight loss, creating an unprecedented surge in consumer interest.
European healthtech startups responded with urgency. Sweden’s Yazen raised €20 million in 2024, and UK-based Manual secured £29 million to develop digital delivery systems for GLP-1 treatments. But Numan outpaced them all, securing the largest round to date.
The $57 million capital injection brings Numan’s total equity funding to approximately $100 million, with an additional $50 million in debt. The company now holds one of the strongest balance sheets among European digital health providers focused on obesity management.
Numan’s Expansion Plans
While the UK remains Numan’s stronghold, Papafloratos confirmed the company’s plans to expand globally. Numan will explore regulated markets that support digital prescribing and fulfillment models. Although he did not reveal specific countries, industry analysts expect Numan to target markets like Germany, the Netherlands, and the Nordics—regions that offer favorable healthcare infrastructure and rising obesity rates.
Simultaneously, Numan aims to broaden its treatment offerings. The startup will enter female health next, a strategic move that could unlock an even larger customer base. Historically underrepresented in healthtech, female-focused services—ranging from fertility to menopause—present a lucrative and growing segment.
Numan also continues to enhance its technology. The company has rolled out an AI-powered health coach, currently available to weight loss patients. This digital assistant provides daily guidance on nutrition, exercise, and behavior change, promoting long-term success beyond drug intervention.
Papafloratos plans to extend access to the AI coach across all health verticals, making personalized wellness guidance a core pillar of Numan’s platform.
The Business Case for Obesity Management
Numan has already served over 650,000 patients since its inception, a significant portion of them in obesity and metabolic health. The global obesity epidemic—recognized by the World Health Organization as one of the most pressing public health crises—continues to grow. According to WHO estimates, more than 1 billion people globally live with obesity, including over 150 million children and adolescents.
GLP-1 drugs offer a powerful tool, but they require continuous use and complementary lifestyle interventions. That’s where digital health providers like Numan find their edge. They combine medication with structured programs, behavior coaching, and diagnostics—all delivered virtually.
By integrating telemedicine, diagnostics, and fulfillment into a single experience, Numan creates a sticky ecosystem that keeps users engaged over the long term. This integrated model strengthens recurring revenue and improves clinical outcomes, which, in turn, enhances payer interest and regulatory support.
Competitive Landscape Heats Up
Numan’s success did not go unnoticed. The European healthtech space now teems with competitors chasing the GLP-1 opportunity. Alongside Yazen and Manual, players like HealthHero, ZAVA, and Kry have expressed interest in expanding their chronic condition portfolios to include obesity.
Still, Numan’s early move into the segment and its rapid scale give it a formidable head start. Its full-stack platform—covering consultations, prescription, coaching, and diagnostics—sets it apart from single-service rivals.
Moreover, Numan’s focus on regulated growth and compliance gives it an edge. The startup ensures medical oversight, clinician involvement, and adherence to local pharmacy laws in every market it enters. As scrutiny around online weight loss drugs intensifies, regulatory diligence will serve as a competitive moat.
Forecast: $200 Million Revenue in 2025
Papafloratos projects that Numan will generate close to $200 million in revenue by the end of 2025—nearly five times its turnover in 2023. That growth would elevate Numan into a rare tier of European healthtech companies, joining the likes of Kry and Doctolib in terms of scale.
Investors appear confident in that trajectory. Big Pi Ventures, which led the equity round, emphasized Numan’s ability to combine medical rigor with user-centric technology. HSBC Innovation Banking, a major lender in Europe’s innovation ecosystem, structured the debt to support Numan’s scaling without diluting equity.
This hybrid financing approach also reflects growing investor confidence in healthtech’s monetization pathways. As payers, employers, and consumers look for more efficient care delivery models, vertically integrated providers like Numan can command premium valuations and sustainable growth.
Conclusion
Numan’s $57 million raise signals more than just capital—it reflects the changing tides in global healthcare. A digital-first, drug-enabled, lifestyle-integrated model for obesity treatment is no longer an outlier; it is becoming a norm.
With robust funding, a clear growth strategy, and a timely product-market fit, Numan stands well-positioned to lead Europe’s digital health revolution. As demand for weight loss medications and chronic care solutions surges, Numan’s pivot may not just define its future—but reshape how healthcare looks for millions.
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