Hims joins the unicorn club. The wellness start-up launched just over one year ago and has raised an additional $100 million in venture capital funding on a pre-money valuation of $1 billion, which is a 2x increase from its previous valuation. This brings the total raised to $197 million in seven rounds of funding.
According to TechCrunch, a growth-stage investor that had not previously invested in Hims led the round, which is ongoing with participation from existing investors. According to Recode, Hims spent months negotiating with investors, “with some of them balking at the valuation.”
Exactly one year after the launch of the millennial men’s wellness brand Hims, the brand announced it was tackling women’s health with the launch of Hers. Last September multiple sources reported to CNBC they were pitched the brand to raise $100 million to expand into the women’s category with Hers—those rumors proved to be true.
Read more on the transaction on Recode and TechCrunch.
Photo: Elvert Barnes via Flickr