Ordinary Folk raises ¥1.11 billion.

Co-led by ROHTO and Monk’s Hill Ventures

Ordinary Folk, the digital healthcare company behind men’s health brand Noah and women’s health brand Zoey, today announced a ¥1.11 billion first close of its Series B round.

The round, comprising equity and debt, is co-led by Rohto Pharmaceutical Co., Ltd. (TSE: 4527) and Monk’s Hill Ventures, with participation from existing investor D4V, and Racer Ventures, the family office of the Eu family, founders of Eu Yan Sang. The funding will support Ordinary Folk’s ambition to build personalised healthcare across Asia, with Japan a central focus.

The company will invest the capital across two areas: technology that makes treatment increasingly personalised to each patient, and the clinical infrastructure required to deliver that treatment directly.

Ordinary Folk is expanding its proprietary software to match patients with appropriate clinicians and treatments, personalise available treatment options, including compounded formulations, and support patients throughout the course of care. In parallel, the company is bringing more of its clinical and pharmacy infrastructure in-house, including compounding capabilities and clinics. Together, the two allow Ordinary Folk to move beyond simply digitising a doctor’s visit. Its aim is to build a healthcare model in which treatment can continuously adapt as the patient’s needs, response and preferences change.

Building personalised healthcare at scale

Noah and Zoey have helped close to 200,000 users across Singapore, Hong Kong and Japan access diagnosis, treatment and ongoing care spanning sexual health, hair loss, weight and metabolic care, hormonal health and fertility. For 70% of patients, it is the first time they have received treatment for their condition. Those relationships extend across areas of care, with 40% of patients receiving treatment for multiple conditions through the platform.

Ordinary Folk reached group-level EBITDA breakeven in 2024 and operates with a team of 25. Newer areas of care are also contributing to growth: revenue from metabolic care grew 209% year on year, while patient numbers in the category increased 130% over the same period.

To support increasingly personalised care at scale, Ordinary Folk is developing features within its proprietary platform, including SmartMatch, which helps patients understand suitable treatment options before a consultation, and HealthOS, currently in beta, which supports ongoing care between visits. A licensed healthcare professional remains responsible for every treatment decision.

Building in-house compounding capabilities will expand the range of formulations available to patients and enable clinicians to tailor ingredients, doses and treatment combinations to individual needs, where clinically appropriate.

Pharmaceutical expertise and the potential of personalised care

Rohto, founded in Osaka in 1899, brings expertise in Japanese pharmaceuticals and over-the-counter (OTC) medicines. Racer Ventures brings the Eu family’s healthcare heritage through Eu Yan Sang, whose roots in Traditional Chinese Medicine date back to 1879. Ordinary Folk is exploring the potential for personalised programmes that draw on expertise across these fields, incorporating Western prescription medicine, Japanese OTC products and Traditional Chinese Medicine. By combining these capabilities with Ordinary Folk’s digital understanding of its customers, the company aims to deliver services more closely tailored to individual needs. Rohto also intends to use these insights in developing more personalised products.

Scaling personalised care in Japan

Since entering Japan, Ordinary Folk has served patients across all 47 prefectures, supported by its local clinical and pharmacy infrastructure. Sean Low relocated to Tokyo in early 2026 to lead the next phase of growth. The company is expanding its presence in Japan and plans to pursue commercial collaboration with Rohto, beginning with hair health.

The Series B round remains open. Ordinary Folk expects to complete a second close in the coming months.

About

About Ordinary Folk

Ordinary Folk is a digital healthcare company operating men’s healthcare brand Noah and women’s healthcare brand Zoey in Singapore, Hong Kong and Japan, with close to 200,000 users across its markets. It provides diagnosis, treatment and ongoing care across sexual health, hair loss, weight and metabolic health, hormonal health, and fertility. Licensed doctors and pharmacies deliver care in each market, supported by its proprietary digital healthcare platform. In Japan, the company operates through Noah & Zoey Co., Ltd.

About Rohto Pharmaceutical

Rohto Pharmaceutical Co., Ltd. (TSE: 4527) is a Japanese healthcare company founded in Osaka in 1899. Its businesses span eye care, skincare, over-the-counter medicines and hair care, with brands including Hada Labo, Mentholatum, Melano CC and Rohto eye drops serving consumers in Japan and internationally.

About Monk’s Hill Ventures

Monk’s Hill Ventures is a Singapore-headquartered venture capital firm investing in early-stage technology companies across Southeast Asia. Founded in 2014 by entrepreneurs Peng T. Ong and Kuo-Yi Lim, the firm manages approximately ¥79 billion in assets.

Media contact: Beatrix Wong, Chief Marketing Officer, Ordinary Folk (beatrix@ordinaryfolk.health)