- Hims, a health and wellness company for men, has pitched investors to raise $100 million to expand into women's products.
- The company is seeking an $800 million valuation.
- Hims sells erectile dysfunction drugs, hair loss treatments, vitamins and more.
Hims, an e-commerce company that sells men's health and beauty products, including treatments for erectile dysfunction and hair loss, is looking to expand into a new vertical: Women.
The company has pitched potential investors on a women's brand dubbed "Hers," which would provide similar products to ladies, including things like treatments for hair loss, skin-boosting treatments and apparel, according to two people familiar with the company's pitch. That could put Hims in a position to compete with other venture-backed women's consumer brands for a health-focused generation, like Glossier, which sells beauty products, and Ritual, maker of a multivitamin for women.
To fuel the expansion, Hims has had recent talks with potential investors about raising more than $100 million at an $800 million valuation, say three sources familiar. It has also been fielding inbound interest.
Several cautioned that no deal is imminent, however, and the company may decide to wait before trying to raise more money from investors after just closing a $50 million round in June. According to a person pitched on that round, the company claimed to have an annualized revenue run rate between $20 million and $40 million at that time, a mere eight months after its November launch.
Hims competes with another men's brand, Roman, which is also experiencing rapid growth, according to sources.
These companies are taking advantage of recent regulatory changes around telemedicine, which opens up more opportunities for doctors to prescribe medicines online. Andrew Dudum, Hims' CEO, has said that he plans to create a $10 billion health and wellness brand. The company also said it pulled in $1 million in revenues in its first week after launch.
The company, which has raised $97 million in total, has spent some of its money on cheeky ads featuring sad slumped-over cacti and spiky green plants, geared towards young hipsters who are embarrassed to talk about erectile dysfunction at the doctor's office or ask about beauty products at a retail store. It has also expanded into other areas, like vitamins, merchandise and cold sore kits.
Hims declined to comment on its product or fundraising plans.