Function Health funding reaches $450M from General Catalyst

Function Health raised $450 million in growth financing from General Catalyst's Customer Value Fund, adding non-dilutive capital to its push to sell preventive testing as a consumer health subscription. The latest Function Health funding gives the Austin company more money to scale a bundled model for lab work, imaging, blood draws and supplement data at a time when delayed primary care and chronic disease costs are pushing more diagnostics outside the doctor's office.

The Customer Value Fund is General Catalyst's financing vehicle that links capital to customer growth rather than an equity stake. The deal follows the fund's $200 million commitment to healthcare AI company Commure in June 2025 and is among the larger CVF deals disclosed to date.

What does Function Health offer?

Function was founded in 2021 by Jonathan Swerdlin, Pranitha Patil, Dr. Mark Hyman, Seth Weisfeld, Mike Nemke and Dan Swerdlin. The company sells an annual membership priced at $365 that combines more than 160 lab tests, about five times the coverage of a typical annual physical, with advanced imaging aimed at finding early signs of cancer, aneurysms, stroke and other conditions.

Since opening its beta in 2023, Function says it has grown to more than 500,000 members and completed more than 100 million lab tests. The company did not disclose revenue, margins or customer retention.

Function's pitch sits against a strained primary-care market. The National Association of Community Health Centers has said more than 100 million Americans lack a primary care doctor. AMN Healthcare has reported an average 31-day wait for a physician appointment, and the CDC says chronic disease accounts for 90% of the country's $4.9 trillion in annual healthcare spending.

How is Function building the platform?

The financing comes after a string of acquisitions. Function bought Getlabs, which added at-home and office blood draws, and SuppCo, whose TrustScore product rates over-the-counter supplements. Terms for those deals were not disclosed.

Function also acquired MRI scanning platform Ezra in May 2025. That deal gave the company access to a scanning network that it says now spans more than 200 locations.

The company is using bundling as its point of separation. Rivals in preventive health tend to emphasize one layer of the stack, such as imaging, lab access or software. Function is trying to combine those pieces inside one membership, a model that will need to prove both clinical value and consumer willingness to pay without insurance.

Who else is chasing preventive health?

Function is competing in a well-funded field. Neko Health, co-founded by Spotify's Daniel Ek, raised a $700 million Series C at a valuation near $7 billion in July 2026 as it builds scanning hardware and moves into the U.S. Superpower raised $30 million at a valuation above $300 million while using partner labs rather than owning testing infrastructure.

Prenuvo has focused on whole-body MRI and has generated about $250 million in annual revenue after raising $192 million, according to the reported figures. In Europe, Paris-based Lucis raised $8.5 million for biomarker tracking, Swiss startup Ahead Health raised $10 million for blood panels and MRI in Germany and the Netherlands, and the U.K.'s Numan reported $90 million in 2024 revenue from personalized preventive care.

Because the new capital is non-dilutive, Function said it does not create a new pre-money or post-money valuation. The company was valued at $2.5 billion after a $298 million Series B in November 2025 led by Redpoint Ventures, with participation from a16z, Aglaé Ventures, Battery Ventures, NFDG and Roku founder Anthony Wood.

Function had previously raised roughly $350 million in equity financing. Including the General Catalyst commitment, the company has now raised more than $800 million across equity and non-dilutive financing.

This story draws on original reporting from TechFundingNews.