Men’s health player Mosh appoints adviser to explore exit options
Sarah Thompson, Kanika Sood and Emma Rapaport
Dec 13, 2023 – 2.52pm
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It looks like Mosh is seeking to capitalise on the weight loss drug craze.
Street Talk understands the men’s health platform, founded by former consultants Gabriel Baker and David Narunsky, has appointed Gavin Jacobson’s Monash Advisory to explore exit options, which could result in a change of control.
The healthtech last raised $25 million at a $90 million valuation in 2021, and attracted capital from notable names including Rich Lister Alex Waislitz’s Thorney Investment Group, Tinder co-founders Justin Mateen and Sean Rad, and former rugby league star Billy Slater.
No hair loss issues here! Founders of men’s health tech start-up Mosh, David Narunsky and Gabe Baker are seeking to work with an advisory firm. Janie Barrett
Other investors include Sydney-based investment firm Parc Capital and Australia’s only listed venture capital business Bailador, which was among the backers of online medical prescription business InstantScripts.
Current financials aren’t available but Mosh is understood to be in classic start-up phase – high growth but not super profitable.
It last reported $17 million in annual recurring revenue – up 10 times on its ARR as of January 2022 – and 27,000 active subscribers. It also has more than 30 doctors and 20 psychologists on the platform, as well as connections to seven pharmacies.
Mosh declined to connect when contacted by Street Talk.
The company specialises in helping men get treatment for issues such as hair loss, sexual health, skincare and mental health. Funds raised in 2021 were said to help it expand into weight loss, sleep, chronic illness care and fertility.
While a sale would likely attract a modest price – a $50 million to $75 million valuation has been bandied about – the company is riding the explosion in telehealth services and anti-obesity drugs which have challenged the blue-chip status of some of Australia’s best-known companies like CSL and Resmed.
Wesfarmers snapped up InstantScripts in June for $135 million, which was making $50 million in annual revenue when it landed on the auction block.
The business is on the conglomerates’ radar as it looks to build out its health division and disrupt the status quo of the healthcare system.
Elsewhere, Eucalyptus, which sells weight-loss drug Ozempic, banked almost $60 million from investors earlier this year to fuel its overseas expansion plans.
The raise gave the start-up, and its weight-loss brand Juniper, a $560 million valuation.
