+199%

est. 2Y upside i

Series B

Numan is on a mission to make people healthier. We provide healthcare as people need it, and treat common health conditions with personalised plans that alleviate symptoms and fix root causes. We offer integrated care - including diagnostics, medication & supplements, 1-1 clinical care, and digital programs - in one digital platform, to help patients take control of their health.

Rank

#84

Sector

Telemedicine

Est. Liquidity

~3Y

Data Quality

Data: Medium

Numan offers substantial upside potential (expected ~199% over 2 years) driven by exceptional growth and profitability, but severe preference overhang (37.5% of valuation) and regulatory/competitive risks warrant caution.

Last updated: July 19, 2026

Bull (30%)+255%

If Numan capitalizes on IPO window and expands women's health, public comp multiple of 10x on $306M ARR implies ~$1.53B exit, net of 15% dilution yields 255% upside.

Base (50%)+240%

Revenue grows to $306M, exit at 5x multiple (in line with public comps) yields $1.53B, after dilution 240% upside.

Bear (20%)+13%

Multiple compresses to 2x, exit $612M, preference stack consumes $150M, $462M to common, after dilution ~13% upside.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

38%

Total funding of $150M represents 37.5% of assumed $400M valuation, a severe overhang that reduces common equity recovery in lower exit scenarios.

Dilution Risk

moderate

Company is profitable but may raise additional capital for expansion; assuming 15% dilution over 2 years.

Secondary Liquidity

none

No secondary market activity reported; liquidity likely tied to an IPO or acquisition.

Questions to Ask at the Interview

Strategic questions based on Numan's data — designed to show you've done your homework.

  • 1

    “How do you plan to maintain growth while scaling into women's health and new geographies?”

  • 2

    “What is the unit economics of your subscription model, and how does patient retention affect lifetime value?”

  • 3

    “How does equity dilution and the existing preference stack impact long-term employee equity value?”

Community

Valuation Sentiment

Our model estimates +199% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.