The company did not comment on the funding but, according to sources familiar with the deal, men’s wellness start-up Hims has raised $40 million in funding from venture firms IVP and Redpoint Ventures. This new round of financing values Hims at $200 million according to Wired.
WHO: Launched in late 2017 by 29-year-old entrepreneur Andrew Dudum, Hims is a men’s wellness direct-to-consumer brand dedicated to millennial men. Focusing on erectile dysfunction and hair loss wrapped in a minimal Instagram aesthetic of muted pink and greys, the brand has already sold around $10 million worth of products.
WHY: Like Warby Parker and Casper, Hims is representative of how quickly a direct-to-consumer business can scale with an Instagram-friendly brand, a solid digital marketing strategy, and some venture funding.
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