Case Studies Success Stories – Hims Case Study
Healthcare gets better
About HimsSVB is excited to share the Hims success story, a telehealth company that connects consumers with licensed medical professionals so they can privately, conveniently seek treatment and affordable products, especially for conditions that can be challenging to talk about.
The bold ideaAndrew Dudum has an entrepreneurial track record. He had built 10 companies — first independently, then as co-founder of venture fund and startup incubator Atomic — when he turned his eye toward healthcare. Traditional healthcare required patients to drive to the doctor’s office to receive care. Often, patients were embarrassed to discuss specific health issues and put off by high prices and long wait times for appointments.
Andrew set out to build a better healthcare experience by connecting patients quickly with board-certified medical professionals — online, by phone, video or text — and offering affordable prescriptions and medical products by mail. His vision would enable discreet patient care for conditions like hair loss, anxiety and depression, combined with easy-to-use experiences and innovative design.
In December 2017, Andrew launched Hims.
The partnershipAndrew has long believed that the teams and investors an entrepreneur chooses to work with are fundamental to giving a company its unique advantage in the market. It’s no surprise he has partnered with SVB since Atomic's launch in 2013. In turn, SVB’s banking partners have developed a strong understanding of Andrew’s business models and consistently delivered financing solutions oriented toward his companies’ objectives as they have scaled.
Having a financial partner like SVB who truly understands your business makes all the difference. SVB’s strategic partnership and financial solutions helped us maintain momentum and achieve key milestones on our growth journey.
Andrew Dudum, Founder & CEO, Hims & Hers
The solutionSVB provided Hims with a $2 million growth capital term loan at startup and continued to come through with flexible, cost-effective solutions as the company scaled.
In 2018, the bank refinanced the loan with a new $11.5 million term loan, refinancing it again in 2019 to $10 million to better align it with the company’s needs. That year, SVB also established a new $15 million revolving line of credit for the company.
The impactHims reported sales of $1 million in its first week of business and has continued to astound the market with its rapid growth. Less than a year after launching the startup, Andrew and his team added Hers to provide affordable FDA-approved products — including birth control, acne and hair loss products — to women.
In 2020, when the pandemic made telehealth essential to healthcare access, Hims & Hers condensed a two-year growth plan into 90 days so it could quickly enlarge its range of primary care, dermatology, sexual health and mental health products and services.
In total, the startup’s equity rounds raised more than $233 million. Hims & Hers went public in 2021 at a valuation of $1.6 billion.
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