Hims — an online mail-order men’s health company that uses remote consultation to prescribe cosmetic and sexual health products — has landed $100 million in new funding, according to the publication Recode, which first published the scoop this morning. Following the investment, the company will be valued at $1 billion.
This news comes shortly after the San Francisco-based company launched Hers, a female focused online order and delivery service in November.
When MobiHealthNews reached out to Hims for confirmation, representatives said they were not able to comment on new funding at this time.
What they do
Focusing on what are sometimes deemed “taboo” topics, like sexual health, the company pitches itself as an alternative to visiting a doctor in person in order to get a prescription. Users can get a prescription by filling out a digital assessment on the website that a network of doctors uses to assess specific needs. The company's platform also includes a telemedicine component.
Hims sells erectile dysfunction medications, skin care products and treatments for male patern baldness. Most recently it launched a premature ejaculation spray, which was developed to help men maintain their erection longer. The company said it works with mail-order pharmacies in order to get the lowest price on a package deal.
“For whatever reason, us guys are allergic to doctors. So we made it easy. Like stupid easy,” Andrew Dudum, founder and CEO, wrote in a letter on the website over the summer. “Within minutes a doctor can prescribe you the stuff you need and ship it overnight. Simple as that. No doctor's appointment. No waiting rooms. No awkward conversations. Oh, and while these products usually cost $100 to $300 per month at the big guys, we changed that. At Hims, we cut that price in half. And then we slashed it in half again.”
Hers follows the same business model, but focuses on female health products. Women are able to get prescription birth control and skin care products on the platform. The platform also sells filbanserin tablets, a controversial sex drive treatment for women.
What it’s for
While the company has been tight lipped about the funding, it's worth keeping in mind the relatively recent launch of the female version of its prescription medication platform and the support that launch may still require. It also continues to roll out new products for sexual and cosmetic health.
This isn’t the first big cash grab for the company, as it landed a $50 million investment in July. The company is still relatively new, only launching in November 2017.
The platform’s clear competitor is Ro, another online men’s health platform, which also launched in November 2017 and was initially focusing on erectile dysfunction. More recently Roman has expanded its services into the smoking cessation field. In September the startup raked in $88 million in funding.