Function Health picked up a hefty new round of financing on Thursday, earning $450 million from General Catalyst‘s Customer Value Fund. This influx of capital comes just eight months after the startup closed its $298 million Series B round.
The Austin-based company — a platform that gives subscribers access to more than 160 different lab tests — has now raised more than $800 million since it launched in 2023.
Function’s platform seeks to remove some of the barriers around traditional lab testing by letting users order their own comprehensive lab panels directly, without needing a doctor’s referral first.
Memberships for the platform start at $365 per year. Members can order lab tests covering everything from hormones to heart health, and then get physician-reviewed results alongside personalized insights.
“Our health is upstream of everything we want in life. Today, most of what is available is healthcare built around acute issues. We are thankful for what exists, but we need more than just that,” said Function CEO Jonathan Swerdlin.
In his view, Function’s target customer is anyone who wants to be healthy.
Rather than a specific demographic, Swerdlin said what unites Function’s members is their motivation, not age or income.
“Every member is on their own health journey. Some want a baseline of their health. Others are managing chronic conditions. Some are looking for answers after years of fragmented care. Others simply want to stay healthy to keep doing the things they love every day,” Swerdlin declared. “Function isn’t built for one type of person. We are building a new path forward for everyone.”
Over the past three years, Function members have completed more than 100 million lab tests, he added.
The startup’s new round of financing will go toward scaling that mission, Swerdlin said. He described Function’s overall goal as bringing an “inevitable and optimistic future of human health” into the present for as many people as possible.
General Catalyst framed the investment as a bet on Function’s ability to redefine preventive healthcare at scale.
“This financing reflects our belief that Function is one of the defining companies of our generation,” Pranav Singhvi, partner at General Catalyst, said in a statement. “Function has created an entirely new approach to health that we have never had before. We believe Function is uniquely positioned to reach millions more people, and we’re proud to support the next phase of its growth.”
The company joins a growing list of consumer health startups drawing massive late-stage rounds, such as wearable-maker Whoop, which raised a $575 million Series G round at a $10.1 billion valuation earlier this year.
Photo: 0shi, Getty Images
