Sacra estimates that Numan generated $90 million in annual recurring revenue (ARR) in 2024, more than doubling year-over-year from approximately $37 million in 2023. The company projects revenue will reach nearly $200 million in 2025, representing growth of over 100%, primarily attributable to demand for GLP-1 weight loss treatments.

Weight loss programs now constitute the majority of Numan's revenue following the launch of its obesity management program in September 2023. The company has treated over 650,000 patients across all its services since launching in 2018.

Numan raised $57 million in July 2025 through a Series B extension, comprising $30 million in equity and $27 million in debt. Big Pi Ventures led the equity portion, and HSBC Innovation Banking provided the debt financing.

The company previously raised a $40 million Series B in 2021, bringing total funding to approximately $100 million in equity and $50 million in debt. Other investors include Endeavor Catalyst, White Star Capital, Novator Partners, Kreos Capital, VNV Global, and Anthemis Exponential.

Numan is a virtual clinic and pharmacy accessed through a single website and mobile app. Patients complete a medical questionnaire or upload blood test results, which are reviewed by remote GPs or prescribing pharmacists who issue prescriptions if eligible.

Medications, test kits, and supplements arrive next-day in plain packaging. Follow-up runs through in-app clinician chat, live health coach messaging, and a 24-hour AI health assistant.

The company offers sexual performance treatments including sildenafil and tadalafil, hair health treatments with finasteride and minoxidil, weight loss programs combining GLP-1 injections like Wegovy and Mounjaro with coaching and behavior change curricula, testosterone replacement therapy with home nurse visits, diagnostic blood panels, and women's health services.

For weight loss, patients receive tiered programs starting at £179 monthly that bundle prescription medications with one-to-one coach messaging, side-effect management by clinicians, and structured behavior modification delivered through the app. Follow-up blood tests are automatically scheduled every 3-6 months with results displayed through color-coded biomarkers and doctor commentary.

Numan operates a direct-to-consumer subscription model that vertically integrates clinical consultations, prescription fulfillment, and ongoing care management. The company maintains its own CQC-regulated platform and Cardiff-based pharmacy to control the entire patient journey.

Revenue comes primarily from monthly subscription packages that bundle medications with clinical oversight and coaching services. Weight loss programs command the highest prices at £179+ monthly, while traditional men's health treatments like ED and hair loss generate lower but still recurring revenue streams.

The vertical integration allows Numan to capture value across the healthcare stack rather than just acting as a prescription referral service. By owning the pharmacy operations and clinical platform, the company maintains higher gross margins and better patient experience control compared to marketplace models.

Customer acquisition occurs primarily through digital marketing, with retention driven by the chronic nature of the conditions treated and the comprehensive care model that goes beyond just medication delivery. The coaching and AI assistant components create additional switching costs and engagement touchpoints.

Hims & Hers acquired ZAVA in June 2025 to gain instant UK pharmacy licensing and European localization, bringing its 1.3 million active patients and proven GLP-1 programs to Numan's home market. Ro integrated with NovoCare pharmacy to guarantee Wegovy supply at £410 monthly, sidestepping UK shortages that constrain smaller players.

LifeMD partnered with LillyDirect to offer discounted Zepbound and is exploring UK licensing. These US players control their own mail-order pharmacies and have direct manufacturer relationships, enabling them to undercut compounded generics that face increasing regulatory scrutiny.

Manual raised £29 million in November 2024 and mirrors Numan's product mix with GLP-1s, ED treatments, and at-home diagnostics while expanding into Brazil. The company has reached similar scale with £50 million in total funding.

Yazen in Sweden secured €20 million specifically for weight loss treatments, while Mojo offers therapy-first sexual health solutions without prescriptions, potentially capturing market share from pill-focused approaches. Boots Online Doctor leverages its national high-street brand recognition to compete in the digital prescription space.

Traditional pharmacy chains are rapidly digitizing their prescription services and leveraging existing supplier relationships and regulatory approvals. These incumbents can bundle online consultations with in-store pickup options and established patient relationships, creating hybrid models that combine digital convenience with physical presence.

Numan's July 2025 funding specifically targets women's health expansion, moving beyond its historical male-only focus to menopause care, hormone diagnostics, and eventually HRT. This immediately doubles the addressable customer segment to include women aged 40-60 and taps the European fem-tech market growing over 15% annually.

The same vertically integrated model of prescription medications plus coaching and diagnostics can be applied to menopause management, creating similar high-value subscription relationships. Women's health also opens opportunities for employer benefits packages as UK companies increasingly offer menopause support.

The global obesity drug market is projected to reach $150 billion this decade, with Numan already positioned through its Wegovy and Mounjaro programs. The platform can expand into continuous glucose monitoring, smart scales, and advanced metabolic panels that create additional revenue streams beyond core GLP-1 prescriptions.

Health-span optimization through low-testosterone panels, sleep analysis, and longevity-focused treatments represents another high-margin expansion area. These services target cash-paying consumers migrating from traditional bio-hacking clinics to more accessible digital platforms.

Fresh capital targets continued European expansion focusing on Germany, France, and the Nordics where online consultations already receive reimbursement. These markets have established regulatory frameworks for digital health and growing acceptance of telehealth services.

The Middle East and GCC regions present longer-term opportunities as countries like Saudi Arabia develop local semaglutide production and English-language telehealth demand grows. Partnering with local pharmacies could provide low-risk market entry without significant regulatory overhead.

Supply constraints: Numan's growth depends on securing adequate supplies of branded GLP-1 medications such as Wegovy and Mounjaro amid ongoing global shortages. Compared to US competitors with direct manufacturer relationships, European providers often rely on wholesale markets where supply can be interrupted and pricing is volatile, increasing the risk that customers switch providers or discontinue treatment.

Regulatory tightening: UK regulators are increasing scrutiny of remote prescribing practices, particularly for controlled substances and high-value medications such as GLP-1s. Stricter requirements for in-person consultations or additional medical oversight would increase Numan's operating costs and reduce the convenience used to acquire customers.

Market commoditization: As more players enter the European digital health market and traditional pharmacies digitize, competition risks shifting to price over service quality. Numan's premium positioning could become difficult to sustain if competitors with lower cost structures or direct manufacturer relationships offer similar medications at lower prices.