Who Owns Hims & Hers Health Company?

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Who owns Hims & Hers Health?

The ownership of Hims & Hers Health, Inc. shifted significantly when it merged with a SPAC in January 2021, valuing the company at about $1.6 billion. This made it a public entity on the NYSE under the ticker 'HIMS'.

Founded in 2017, Hims & Hers began by offering online consultations and prescriptions, initially for men's health concerns like hair loss. It later expanded to women's health, dermatology, and mental health services.

As of Q1 2025, Hims & Hers has 2.4 million subscribers, a 38% increase year-over-year. The company reported $586.0 million in revenue for Q1 2025, up 111% from Q1 2024. This growth highlights the increasing demand for accessible telehealth services, including those offered through platforms like Hims & Hers Health BCG Matrix.

Hims & Hers Health, Inc. was founded in November 2017 by Andrew Dudum, Jack Abraham, Joe Spector, and Hilary Coles. Andrew Dudum, also a co-founder of Atomic, a venture studio, played a key role in the company's inception and early development. The company's initial strategy focused on a direct-to-consumer telehealth model to improve access to healthcare for sensitive conditions.

Founding Team

Hims & Hers Health was established in November 2017 by a core group of founders. This team included Andrew Dudum, Jack Abraham, Joe Spector, and Hilary Coles.

Initial Funding Source

Atomic, a venture studio co-founded by Andrew Dudum, provided the initial capital and operational support. This backing was crucial for the rapid development of the platform and its services.

Early Valuation Milestone

By January 2019, the company achieved a significant milestone by raising $100 million in a Series C funding round. This round valued the company at a pre-money valuation of $1 billion.

Venture Capital Backers

Numerous venture capital firms provided early-stage investment. These included Founders Fund, Redpoint Ventures, SV Angel, 8VC, and McKesson Ventures, among others.

Business Model Focus

The company's early success was driven by its direct-to-consumer telehealth model. This approach aimed to make healthcare more accessible and less stigmatized for various health concerns.

Founders' Vision

The founding team's vision centered on creating accessible and discreet healthcare solutions. This vision was instrumental in attracting early investment and shaping the company's initial ownership structure.

The ownership structure at the inception of Hims & Hers Health, Inc. was influenced by the involvement of venture studio Atomic and subsequent funding rounds. While precise initial equity splits are not publicly disclosed, the structured approach typical of venture studio involvement suggests a framework for founder and investor stakes. The company's commitment to its Mission, Vision & Core Values of Hims & Hers Health, focused on accessible and discreet healthcare, was a key factor in attracting a broad base of early investors. These investors, including prominent venture capital firms, played a significant role in the company's early growth and, by extension, its ownership distribution.

Early Ownership Dynamics

The early ownership of Hims & Hers Health was shaped by its founding team and initial investors. The venture studio model provided a foundation for equity distribution, with significant backing from venture capital firms.

• Founders: Andrew Dudum, Jack Abraham, Joe Spector, Hilary Coles
• Initial Capital Provider: Atomic (Venture Studio)
• Key Early Investors: Founders Fund, Redpoint Ventures, SV Angel, 8VC, Maverick Capital, DCM Ventures, Define Ventures, Material Companies, McKesson Ventures, Next Play Capital, NewView Capital, TriplePoint Venture Growth, Rx3 Ventures, 7 Global Capital
• Significant Funding Milestone: $100 million Series C in January 2019, achieving a $1 billion pre-money valuation

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Hims & Hers Health, Inc. became a publicly traded company on January 19, 2021, following a SPAC merger with Oaktree Acquisition Corp. This significant event valued the company at approximately $1.6 billion and infused it with nearly $280 million for expansion initiatives.

As of August 2025, Hims & Hers Health operates as a publicly traded entity, with its ownership widely distributed. Institutional investors represent a significant portion, holding over 50% of the company's shares. BlackRock, Inc. stands as the largest institutional shareholder, possessing 11% of the outstanding shares as of July 1, 2025. The Vanguard Group, Inc. and the company's CEO and Co-Founder, Andrew Dudum, each hold 8.3% of the shares. Other notable institutional investors include GROWTH FUND OF AMERICA Class A, Goldman Sachs Group Inc., Farallon Capital Management Llc, State Street Corp, Renaissance Technologies Llc, IJH - iShares Core S&P Mid-Cap ETF, and D. E. Shaw & Co., Inc. The company's financial performance, with total revenue reaching $1.48 billion for the fiscal year ended December 31, 2024 (a 69% year-over-year increase) and first-quarter 2025 revenue at $586.0 million (an 111% year-over-year increase), underscores the influence of these major shareholders on its governance and strategic trajectory, emphasizing sustained growth and market leadership.

Key Stakeholders in Hims & Hers Health

Understanding who owns Hims & Hers Health is crucial for grasping its market position and future direction. The company's ownership structure has evolved significantly since its public debut.

• Institutional investors collectively hold more than 50% of the company's shares.
• BlackRock, Inc. is the largest single shareholder, owning 11% as of July 1, 2025.
• Andrew Dudum, CEO and Co-Founder, is a significant stakeholder, holding 8.3% of shares.
• The Vanguard Group, Inc. also holds 8.3% of the company's shares.
• The company's robust revenue growth, detailed in its Growth Strategy of Hims & Hers Health, reflects the confidence of its investors.

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The Board of Directors for Hims & Hers Health, Inc. has seen recent expansion, growing to eleven members by April 2024 with the addition of Anja Manuel, and further to ten directors in November 2024 with Deb Autor joining. This board oversees the company's strategic direction and operations.

The ownership structure of Hims & Hers Health, Inc. is significantly influenced by a dual-class common stock system. Class V common stock holds a substantial voting advantage, with 175 votes per share, compared to Class A common stock's single vote per share. This arrangement concentrates voting power, ensuring that the CEO Group, holding shares of both Class V and Class A common stock, maintained approximately 90% of the aggregate voting power as of January 20, 2021. This structure is a key factor in understanding Hims & Hers ownership and who controls the company's major decisions.

Understanding Voting Power

The dual-class stock structure is a critical element in the company's governance. It ensures that the founders and early investors retain significant control over the company's future, impacting strategic decisions and potential changes in control.

• Class V shares have 175 votes per share.
• Class A shares have 1 vote per share.
• This structure concentrates voting power.
• It limits the influence of other shareholders on key decisions.
• Understanding this is vital for assessing Hims & Hers ownership.

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Hims & Hers Health, Inc. has seen significant shifts in its operational and financial landscape over the past few years. The company's transition to a public entity via a SPAC merger in early 2021 marked a pivotal moment, fueling its subsequent growth. Recent financial reports indicate a strong upward trajectory, with the company achieving profitability and substantial revenue increases.

Recent strategic moves include leadership adjustments and a significant international acquisition. Melissa Baird transitioned to an advisory role in April 2025, with the search for a new Chief Operating Officer underway. Nader Kabbani joined as Head of Fulfillment in May 2025, tasked with enhancing operational efficiency. The acquisition of ZAVA in June 2025, a European digital health platform, is set to bolster the company's presence in new markets, with planned expansion into Canada and other European regions in 2026.

Leadership Evolution

Key personnel changes, including the COO's transition and the appointment of a new Head of Fulfillment, highlight ongoing efforts to optimize management and operations.

International Expansion Strategy

The acquisition of ZAVA, a European digital health platform, is a strategic move to expand the company's reach into new international markets, including Canada and other European countries.

Shareholder Value Initiatives

The company's equity buyback plan, initiated in August 2024, demonstrates a commitment to enhancing shareholder value by repurchasing a portion of its outstanding shares.

Future Growth Projections

Ambitious long-term revenue and Adjusted EBITDA targets for 2030 underscore the company's confidence in its continued expansion and market penetration. Understanding the Revenue Streams & Business Model of Hims & Hers Health is key to appreciating these projections.

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