Men in the US today have a decreased level of testosterone compared to their grandfathers at the same age. While this problem doesn’t seem to hamper reproduction, it does pose problems to men with low levels of testosterone who want to improve muscle gains, mood, and focus. 

The options then presented to men to solve this problem can come with side effects like changes in fertility, growth in prostate size, worsened acne, risk of blood clots, and potential – to put it candidly – shrinkage. 

Maximus coaches men through a proprietary program to increase their testosterone without the side effects. It does so through doctor-prescribed medication, supplements, regular testing, and custom health coaching. 

Maximus calls its system the “King Protocol,” guaranteeing increased testosterone levels within 90 days. New products are scheduled for release, including Lover Protocol in Q2 (for sexual performance) and the Warrior Protocol in Q3 (for hair and beard growth). 

The drug the program prescribes, enclomiphene, works to increase the level of testosterone produced by the testes in men— thus avoiding the side effects of testosterone therapy. 

Testing concludes that men who take the drug show an average 1.7x increase in testosterone levels, resulting in 68% of men reporting improved energy, happiness, and sexual and athletic performance. Another 56% report improved anxiety and depression.

Investors in Current Round

• Lead Investor: Founders Fund ($5M)
• Co-Investors: 8VC, Abstract Ventures, Alumni Ventures

Existing Investors & Angels

Founders Fund, 8VC, Abstract Ventures, Correlation Ventures, Unshackled Ventures, OneVC, Dave Asprey (Bulletproof), Ryan Holiday (Daily Stoic, Fred Ersham of Coinbase), Brian Lee (The Honest Company), Brian Norgard (Tinder), Jeff Weiser (Shopify)

Dr. Cam Sepah, CEO

• Ph.D. Clinical Psychology @ UCLA
•  VC Analyst @ McKinsey
• Founding Medical Director @ Omada Health (scaling from 3 to 300 employees and named top 10 innovator in health)
• Founder & CEO @ Actualize (a food product for diabetics, acquired in 2018)
• Consumer Health Consultant @ Google 
• He’s also spent years on the VC side, investing alongside Founders Fund, Felicis, Sequoia, Craft, Andreessen etc.  

The remainder of the leadership team comes from leadership roles at Dropbox, Google, Carrot Health (“the nation’s most extensive consumer and health data set”), GoodRx, Hims, and Cerebral, some of the industry leaders in digital health and telemedicine. Their medical team of two covers 15 states with access to about 50% of the US market. 

Maximus monetizes through a monthly subscription (~$200/mo.) that includes pills ($50), content, and ongoing optimization coaching. Two at-home tests at the beginning of the program cost an additional $85 each, billed to the customer. Gross margin is currently at 56.3%, expected to reach 75% at scale. Customer acquisition cost (CAC) is $784.60, reduced to ~$400 at scale. At current levels, payback period is 6.97 months with an average retention of 10.02 months.

Maximus is marked by a uniquely long tail of subscribers. 

• About 47% make it to month 6 with about 90% retention after that—for a 34% long-term retention. 
• As of April 2022, the company had $1.62M in ARR—representing 37% growth over the previous month—and an average 30% month-over-month growth rate. 
• 2021 revenue ended at $550K ARR
• 2022 is projected to end at $5M ARR after releases of products in two new categories (sexual performance and hair loss prevention).

Hims & Hers and Ro are already earning hundreds of millions in revenue in men’s health and wellness, selling prescriptions and over-the-counter drugs and connected telemedicine. 

However, Maximus plans to earn customers looking for a more healthcare-forward brand and approach alongside proprietary compounds. While these competitors have a larger range of products available on their platform, Maximus is the only player on the market with at-home blood tests for virtually painless diagnostics.

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We do not represent that the information contained herein is accurate or complete, and it should not be relied upon as such. Opinions expressed herein are subject to change without notice. Certain information contained herein (including any forward-looking statements and economic and market information) has been obtained from and/or prepared by the Company or other third-party sources and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, Republic Deal Room Advisor LLC does not assume any responsibility for the accuracy or completeness of such information. Republic Deal Room Advisor LLC does not undertake any obligation to update the information contained herein as of any future date.