Function, an Austin-based health technology company, has secured $450 million in growth financing from General Catalyst’s Customer Value Fund. This significant capital infusion is aimed at accelerating the company's mission to redefine preventive healthcare and expand its platform to millions of new users. Since its beta launch in 2023, Function has rapidly grown to over 500,000 members, demonstrating strong market demand for its proactive health management services.
A New Model for Proactive Health
Function offers a comprehensive approach to health by bundling over 160 lab tests with advanced imaging into a single annual membership priced at $365. This model provides members with far more data than a typical physical, aiming to detect early signs of cancer, stroke, and other conditions. The company seeks to address critical gaps in the traditional healthcare system, where long appointment wait times and reactive treatment are common.
The platform is designed to empower individuals to take ownership of their health long before symptoms appear. By providing detailed insights and personalized intelligence, Function aims to shift the focus from treatment to prevention. This strategy directly targets the 90% of U.S. healthcare spending dedicated to managing chronic diseases, many of which are detectable and manageable with early intervention.
Strategic Expansion Through Acquisitions
The company's growth has been bolstered by a series of strategic acquisitions that enhance its integrated service model. The purchase of Getlabs established a nationwide network for at-home and in-office blood draws, adding significant convenience for members. This move was followed by the acquisition of SuppCo, a platform that rates the reliability of over-the-counter supplements, adding another layer of guidance for users.
Furthermore, Function acquired MRI scanning platform Ezra, which expanded its diagnostic capabilities across more than 200 locations nationwide. These acquisitions underscore Function's strategy to create a single, seamless membership that covers labs, imaging, and personalized health advice. This bundled approach distinguishes it from competitors that often focus on a single aspect of preventive care.
Navigating a Competitive Landscape
Function operates in an increasingly crowded field of preventive health startups, including Neko Health and Prenuvo, which have also raised substantial capital. While rivals often specialize in either imaging or lab testing, Function's all-in-one membership is its key differentiator. The company wagers that consumers will prefer the convenience and comprehensive nature of a single, integrated platform for their health needs.
“Our mission is simple: enable you to live 100 healthy years,” stated Jonathan Swerdlin, co-founder and CEO of Function. He emphasized that the financing allows the company to accelerate its vision for the future of health. Pranav Singhvi of General Catalyst echoed this sentiment, calling Function’s platform an “entirely new approach to health” and a defining company of its generation.
Financing for Future Growth
The $450 million in financing is structured as non-dilutive, revenue-linked capital, meaning it is tied to customer growth rather than an equity stake. This arrangement does not reset Function's previous valuation of $2.5 billion, which was set during its Series B round in 2025. With this latest infusion, the company has raised over $800 million in combined equity and non-dilutive financing to date.
This substantial financing positions Function to significantly scale its operations and reach a broader audience in the growing preventive healthcare market. The company's success will depend on its ability to convince a wider demographic that investing in out-of-pocket, data-driven health monitoring is a worthwhile endeavor. As Function expands, its integrated model will test the market's appetite for a new paradigm in personal health management.