Looks like Eucalyptus isn’t the only health tech business talking to investors this month.

Online men’s health platform Mosh is raising up to $25 million in a pre-IPO convertible note, with the funds set to propel the company into new men’s health verticals and support the necessary product development. The raise gives Mosh a $90 million pre-money valuation.

Founded by former consultants Gabriel Baker and David Narunsky, Mosh specialises in helping men get treatment for issues such as hair loss, sexual health, skincare and mental health.

It has already amassed a capital table of 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.

The investors joined Parc Capital in buying into Mosh’s $10 million raise in July.

For its latest funding round, the company has appointed Shaw and Partners as lead manager and bids are due by midday on Wednesday.

The convertible note will convert at a 20 per cent discount to IPO price, if the business lists within 2022. If the listing slips into 2023, it will convert at a 25 per cent discount.

Having started as a side hustle, the business has now grown to $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.

On top of its current verticals, the funds will help it expand into weight loss, sleep, chronic illness care and fertility.

The raising follows in the footsteps of healthcare brand engine and technology platform Eucalyptus, which is hunting $60 million and is believed to have scored the support of Mary Meeker’s Bond Capital.