Numan Raises $57M As Demand For Weight Loss Drugs

Over the past three years, drugs like Wegovy and Mounjaro—part of a new class called GLP-1s—have grown in popularity, prompting several European startups, including Numan, to offer them.

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.

Numan's new $57 million round—$30 million in equity and $27 million in debt—is the largest ever for a weight loss drug provider in Europe. The equity was led by Big Pi Ventures, with debt funding from HSBC Innovation Capital.

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This follows a trend in Europe, with Sweden’s Yazen raising €20 million and the UK’s Manual securing £29 million in 2024 for similar online weight loss treatments.

Founded in 2018, Numan has now raised about $100 million in equity and $50 million in debt.

The company started by focusing on men’s health, offering treatments for erectile dysfunction and hair loss. But with the rising demand for weight loss drugs like Wegovy and Mounjaro, Numan’s business has rapidly grown, says CEO 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 says it has treated over 650,000 patients since launch, covering obesity management, men’s health, and diagnostics.

The startup now plans to expand into women’s health and roll out its AI health coach more widely. The coach, currently available to weight loss users, offers tips on diet and exercise.

While the UK remains Numan’s main market, CEO Papafloratos says the company is exploring global expansion opportunities.

About Numan

Numan aims to improve health through personalized care for common conditions. Its digital platform offers integrated services, including diagnostics, medication, 1-on-1 clinical support, supplements, and digital programs. By combining symptom relief with root-cause treatment, Numan helps patients take control of their health when and how they need it.