By Jules Maltz and Alex Lim
Today, we are thrilled to congratulate Andrew Dudum, Jack Abraham, Hilary Coles, Joe Spector, and the entire team at Hims & Hers on a successful public listing. Hims & Hers is a multi-speciality telehealth platform that connects consumers to licensed healthcare professionals and has built up a healthy online business with 100%+ compounded annual revenue growth over the last two years and a valuation over $3 billion. They are using technology to eliminate decades-old stigmas and improve the daily lives of women and men seeking access to quality healthcare and in the process have developed a vision to rethink patient engagement and modern medicine.
IVP first invested in Hims & Hers in January 2018, less than three months after its public launch, and then led a $50 million Series B in June of 2018. At the time, the company was among the first businesses applying the direct-to-consumer playbook to healthcare with incredible early growth and ambitious intentions of building a full-service service for a variety of chronic conditions.
When we first met Andrew, Jack, and Hilary at the Atomic offices three years ago, we were so impressed that we literally didn't want to leave the meeting. We paced around their building in the Presidio trying to figure out how we could invest in this amazing company and team, and called Andrew back later that day to express our interest. We're so thankful that we were able to partner with our friends and earlier-backers at Redpoint and Forerunner to join them on the journey to help and support such an innovative business.
While Hims & Hers has pioneered a new model within the larger healthcare market, we also love that it has challenged assumptions on how startups should grow. Here are three things that Hims & Hers did differently that have helped them get to where they are today.
Hire Early for Massive Scale
IVP is used to helping companies go public, but it's not often that it happens just over three years from launch (the average tech company takes twelve years!). As Andrew shared in a recent Business Insider article, Hims & Hers was intentional about building a public-ready company from the beginning. Andrew hired amazing, senior executives early on including Melissa Baird, Soleil Boughton, Spencer Lee, Patrick Carroll, and many others, who had experience scaling companies to hundreds of millions in revenues. Andrew, Jack, Hilary, and Joe also were committed to building a true healthcare platform for men and women, and launched new products faster than we've ever seen. This focus on hiring for scale and product expansion resulted in a financial profile that had not only high growth, but also strong margins and unit economics that set the company up for long-term success.
The Studio Advantage
Hims & Hers got their start within the walls of Atomic, a venture studio headquartered in the same San Francisco Presidio complex as Lucasfilm and Industry Light and Magic. Atomic founds and funds companies at the earliest stages who are on a mission to solve some of the world's biggest problems and provides them with shared back-office infrastructure to help them focus on the core drivers of growth. The studio model provided Hims & Hers with the advantage of being able to rapidly test and iterate its service, setting the company up for a phenomenal public launch. The company also learned important lessons about marketing, product, and sales from other Atomic startups that helped make the business even more successful.
A SPAC-tacular Debut
Hims & Hers went public through a reverse merger with a special-purpose acquisition company (SPAC), which was IVP's 116th portfolio company to list publicly. While historically, all of our portfolio companies executed traditional IPOs, in June 2019, we had our first portfolio company, Slack, complete a direct listing. Today, Hims & Hers is our first investment to go public through a SPAC. While we wouldn't recommend SPACs for everyone, as the process is more complicated than traditional IPOs, the Hims & Hers SPAC had three advantages over a traditional process: (1) it set a floor on valuation during a volatile macro environment; (2) it provided access to a wider range of institutional investors over a longer time period; and (3) it allowed the team to tell their story in a more proactive manner than traditional IPOs, which was important in a new disruptive space like telemedicine. It's good to have options when you're going public and SPACs are here to stay. We're so thankful for the tireless work by the Hims & Hers team to execute this difficult process and pioneer a new model for premium companies.
The Journey Continues
Hims & Hers is a company that thinks and acts differently. It's challenging stigmas around physical and mental health conditions, opening up access to safe, quality healthcare, and reimagining primary medicine in a rapidly-changing world. Today's public listing is only a milestone on a long journey far into the future, and Hims & Hers impact on healthcare is just beginning. Lastly, we're so proud of Andrew and his team for building such a special business while also staying humble and committed to the mission. Onward!
Jules Maltz and Alex Lim are Partners at IVP, a later-stage venture capital firm based in Menlo Park, CA.
Most recent headlines
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
28/11/2025
Nadia Fall attends the 2025 Sundance Film Festival premiere of Brides at the Egyptian Theatre on January 24, 2025, in Park City, Utah. (Photo by Donyale West/...
28/11/2025
It's easy to ignore those little red update available badges. But when it ...
28/11/2025
WASHINGTON Federal Communications Commission has released a tentative agenda for the December Open Commission Meeting scheduled for Thursday, December 18, 2025 ...
28/11/2025
The Professional Fighters League is looking to super-serve fans of mixed martial...
28/11/2025
Fubo has released in beta on select Roku devices a new feature that lets users display up to four simultaneous streams at once....
28/11/2025
The WNBA playoffs and Week 4 of the NFL regular season highlight the list of live sports events airing on television this weekend....
28/11/2025
The 32nd class of honorees to the B+C Hall of Fame took to the stage at New York's Ziegfeld Ballroom on September 26 for a gala induction event. Click below...
28/11/2025
We hold in our hands the very last Next Text for Next TV, the weekly back-and-fo...
28/11/2025
DirecTV said it made a deal with EchoStar to buy EchoStar's video businesses, including satellite-TV provider Dish TV and virtual MVPD Sling TV, for $1 plus...
28/11/2025
The Broadcasting+Cable Hall of Fame, the premier industry event paying tribute to the influencers, innovators and shining lights of broadcast, cable and streami...
28/11/2025
Friday 28 November 2025
Sky Sports x Slawn drop limited-edition football jersey...
28/11/2025
Rohde & Schwarz shows resilience in a challenging environment, revenue exceeds t...
28/11/2025
Unwrapped: The Toy Show Appeal - airing this Sunday on RT One and RT Player- s...
27/11/2025
LONDON Vizrt has added several AI-driven advanced features offering improved speed, intelligence and accuracy in the newest version of its media asset managemen...
27/11/2025
Prime Video has launched AI-powered video season recaps in a beta version for select English-language Prime Original series in the U.S., a move Amazon is callin...
27/11/2025
Back to All News
Netflix's Raat Akeli Hai: The Bansal Murders Marks a Grand...
27/11/2025
27 Nov 2025
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON...
27/11/2025
Tahar Rahim and Izuka Hoyle star in the gripping six-part Sky Original from Acad...
27/11/2025
Thursday 27 November 2025
Sky Arts Reveals the Nation's Greatest Basslines - and Queen Reign Supreme
The UK's most iconic basslines have been revealed...
27/11/2025
Back to All News
Stranger Things 5': Prepare for One Last Adventure With O...
27/11/2025
The media industry has a paradox at its core. It's an industry built on light, color and imagination, yet behind the scenes, it's powered by one of the ...
27/11/2025
Rating reflects rating progress across areas including policies, diversity & inclusion, health & safety and Net Zero leadership
Winchester, UK, 27 November 202...
27/11/2025
What are the industry standards for Retail Media? Kathryn explains that certification is based on the IAB Europe Retail Media Measurement Standards and the IAB ...
27/11/2025
World champion boxer and Irish sporting icon Katie Taylor will be in studio this...
27/11/2025
Roblox, one of the world's most popular online gaming platforms for primary ...
27/11/2025
Black Friday is leveling up. Get ready to score one of the biggest deals of the season - 50% off the first three months of a new GeForce NOW Ultimate membership...
26/11/2025
SVG Sit-Down: Prime Video EP Mike Muriano Previews Massive Black Friday Slate Fe...
26/11/2025
A cinematic snow sculpture at the 1995 Sundance Film Festival. Photo by Randall Michelson...
26/11/2025
Book podcasts are booming. On Spotify, you'll find everything from celebrity book clubs to deep dives with bestselling authors. And in markets where audiobo...
26/11/2025
Mumbai, November 24, 2025: In a first-of-its-kind initiative, JioStar, in collab...
26/11/2025
LONDON Factual content producer ITN Productions has launched a new low-latency IP gallery for news bulletins....
26/11/2025
MIAMI TelevisaUnivision said it struck a new multiyear distribution agreement with YouTube TV that includes distribution of TelevisaUnivision's U.S. network...
26/11/2025
OpenDrives, Inc., a leader in software-defined data storage and data services, today announced the launch of the Atlas Corporate Creative Solution. This new Atl...
26/11/2025
Disguise, the industry-leading company powering the world's biggest live performances, is partnering with pioneering LED wall manufacturer DVS to give atten...
26/11/2025
HighField AI, the pioneer in agentic and multimodal automation for broadcast and media production, today announced the expansion of its global channel partner n...
26/11/2025
As high-stakes Premier League fixtures approach and additional premium content launches, with MONO positioning themselves to dominate Thailand's sports stre...
26/11/2025
Hosting a wide variety of events from high-intensity NHL games to complex live music concerts and major entertainment productions, Montreal's 21,000 capacit...
26/11/2025
Vizrt, the leader in live production technology revolutionizing viewer engagement and experience, releases AI-driven advances focusing on speed, intelligence, a...
26/11/2025
ITN Productions, an award-winning factual content producer, today launched a new low-latency IP gallery for news bulletins. Responsible for delivering a leading...
26/11/2025
Ikegami reports ongoing advances throughout 2025 in developing and delivering coordinated television production solutions that maximize quality, versatility and...
26/11/2025
Following the Nov. 21 blackout of NBCUniversal channels on Fubo, the two sides have traded barbs about their inability to reach a new carriage deal....
26/11/2025
LONDON As TV sports rights become increasingly important for both broadcasters and streamers, Ampere Analysis predicts global investment in the genre will surpa...
26/11/2025
LOS ANGELES Vubiquity said it has achieved the Amazon Web Services (AWS) Media & Entertainment Competency as part of the AWS Partner Network (APN). This designa...
26/11/2025
WASHINGTON The Federal Communications Commission's Enforcement Bureau said it has entered into a consent decree with Comcast calling for the cable company t...
26/11/2025
Berklee Named to the Hollywood Reporters Top Music Schools List The publication highlights the college's screen scoring program, industry partnerships, and ...
26/11/2025
Back to All News
Animated Series Love Through a Prism' Casts New Light on ...
26/11/2025
Back to All News
NALIP Unveils Fifth Cohort of Director Incubator
Social Impact
26 November 2025
United States
Link copied to clipboard
The National Assoc...
26/11/2025
YouView Achieves Greenly Gold Certification for SustainabilityNov 26, 2025
YouView is proud to announce a Gold Certification award from Greenly for our perform...
By Jules Maltz and Alex Lim
