Numan Secures $57m Funding Amid Weight Loss Drug Surge

Digital health provider Numan has secured $57m in new funding as the European weight loss medication market experiences unprecedented growth. The round, comprising $30m in equity funding led by Big Pi Ventures and $27m in debt from HSBC Innovation Banking, represents the largest-ever fundraise for a weight loss drug provider in Europe.

The London-based startup, which began prescribing GLP-1 medications alongside its obesity management program in September 2023, has witnessed remarkable growth in this segment. Revenue more than doubled year-on-year to $90m in 2024, with weight loss treatment now accounting for the majority of the company's income following what founder and CEO Sokratis Papafloratos describes as an "explosion in demand."

Founded in 2018, Numan initially focused on men's health issues, offering treatments for erectile dysfunction and hair loss. However, the emergence of GLP-1 medications such as Wegovy and Mounjaro has dramatically reshaped its business model. "The growth of that particular area has been faster than historical parts of proposition," Papafloratos tells Sifted, projecting that revenue will reach nearly $200m in 2025—almost five times the company's annual turnover from two years earlier.

The funding brings Numan's total capital raised to approximately $100m in equity and $50m in debt. Since its launch, the company reports treating over 650,000 patients across obesity management, men's health, and diagnostics services.

This latest investment follows similar moves by European competitors capitalizing on the weight loss medication trend. In 2024, Swedish company Yazen raised €20m, while Britain's Manual secured £29m, highlighting the sector's attractiveness to investors.

Looking ahead, Numan plans to diversify its offerings by expanding into female health services. The company is also developing its AI health coach, currently available exclusively to weight loss treatment customers for diet and exercise guidance, for broader deployment across its platform.

While the UK remains Numan's primary market, Papafloratos indicates the company is evaluating opportunities for international expansion across multiple global markets, leveraging the new funding to support these growth initiatives.