The company is using its mountain of venture capital to support the new brand, called Hers. In September, Hims raised another $50 million in a round led by IVP. The financing valued the startup, which has brought in $97 million to date, at $500 million, according to PitchBook.
At launch, Hers is offering three categories of products: sexual wellness, skin care and hair loss treatments. Its line of sexual health products includes a prescription-based birth control pill and Addyi, the only FDA-approved medication for women with hypoactive sexual desire disorder.
“Our goal is to help women make the most informed choices about their health at every stage of their healthcare journey,” Hers brand lead Hilary Coles told TechCrunch. “We thought it was offensive really that there have been 26 options out there for men to get hard and this is the first thing offered for women,” Coles added, referring to Addyi — the “female Viagra.” “It’s another area that has been super stigmatized.”
Hers will also sell a hair, skin and nails vitamin supplement and shampoo & conditioner that protects against damaged hair that sheds. For the skin, Hers will offer a prescription topical cream to treat acne, an anti-aging cream and a melasma corrector for hyperpigmentation.
The company will also begin selling women Minoxidil, a treatment for hair thinning usually prescribed to men, in January. With the exception of birth control and Addyi, the products range from $15 to $75 per month.
Hims is known for selling erectile dysfunction medication, oral hygiene and skin care products to men. Founded in 2017, the San Francisco-based company is backed by Founders Fund, Redpoint Ventures, Forerunner Ventures, SV Angel, 8VC and more.
2018 is a record year for funding in the femtech space, which has included fundings for fertility and birth control startups like Nurx, Future Family and Maven. North of $400 million is expected to be funneled into the sector this year — a more than 10 percent increase than the $354 million raised by femtech startups in 2017.