Hims, identified by many for its phallic New York subway advertisements, has raised a further $100 million in enterprise capital funding on a pre-money valuation of $1 billion. The spherical was first reported by Recode and confirmed to TechCrunch by sources with data of the deal.
A growth-stage investor has led the spherical, which is ongoing, with participation from present traders. Our supply declined to call the lead investor however did say it was a “tremendous huge fund” that isn’t SoftBank and that hasn’t beforehand invested in Hims.
Hims formally launched simply over one yr in the past and has raised $197 million already, in addition to incorporated a women’s wellness brand, Hers, to go alongside its flagship males’s wellness model. The enterprise sells sexual wellness merchandise, skincare and hair loss remedies on to customers. Along with erectile dysfunction remedy, it provides the contraception capsule to clients with prescriptions and Addyi, the one FDA-approved remedy for girls with hypoactive sexual want dysfunction.
In accordance with Recode, Hims spent months negotiating with traders, “with a few of them balking on the valuation.” In the meantime, our supply says Hims handed on a number of viable phrases sheets and had loads of IVP — which led its final spherical — cash within the financial institution forward of their newest infusion.
$1 billion, a 2x improve from its earlier valuation, is a hefty price ticket for such an early-stage digital well being startup. Then once more, most valuations for venture-backed companies are silly.