Hims, an e-commerce company of which sells men’s health as well as also beauty products, including treatments for erectile dysfunction as well as also hair loss, will be looking to expand into a fresh vertical: Women.
The company has pitched potential investors on a women’s brand dubbed “Hers,” which could provide similar products to ladies, including things like treatments for hair loss, skin-boosting treatments as well as also apparel, according to two people familiar with the company’s pitch. of which could put Hims in a position to compete with various other venture-backed women’s consumer brands for a health-focused generation, like Glossier, which sells beauty products, as well as also 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. the idea has also been fielding inbound interest.
Several cautioned of which no deal will be imminent, however, as well as also the company may decide to wait before trying to raise more money by investors after just closing a $50 million round in June. According to a person pitched on of which round, the company claimed to have an annualized revenue run rate between $20 million as well as also $40 million at of which time, a mere eight months after its November launch.
Hims competes with another men’s brand, Roman, which will be also experiencing rapid growth, according to sources.
These companies are taking advantage of recent regulatory alterations around telemedicine, which opens up more opportunities for doctors to prescribe medicines online. Andrew Dudum, Hims’ CEO, has said of which he plans to create a $10 billion health as well as also wellness brand. The company also said the idea 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 as well as also 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. the idea has also expanded into various other areas, like vitamins, merchandise as well as also cold sore kits.
Hims declined to comment on its product or fundraising plans.