Function Health nets $450M from General Catalyst to prove preventive care is cheaper than waiting to get sick — TFN

• Function secures $450M in growth financing from General Catalyst’s Customer Value Fund.
• The Austin startup says it has 500,000+ members and 100M+ completed lab tests since 2023.
• It follows Function’s acquisitions of Getlabs and SuppCo, expanding its bundled approach to prevention.

More than 100 million Americans do not have a primary care doctor. For those who do, the average wait for an appointment now stretches to 31 days. Three in four US adults are managing at least one chronic condition, and 90% of the United States’ $4.9 trillion in annual healthcare spending goes toward treating diseases that are often detectable years before symptoms appear. Function, the Austin-based health-testing platform, wants to prove there was a cheaper argument to be had.

Function has secured $450 million in growth financing from General Catalyst‘s Customer Value Fund (CVF), the venture firm’s non-dilutive vehicle that ties capital to customer growth rather than equity. It is one of CVF’s largest deals to date, following a similar $200 million commitment to healthcare AI platform Commure in June 2025.

Data before the doctor’s visit

Founded in 2021 by Jonathan Swerdlin, Pranitha Patil (a Harvard Graduate School alumna), Dr Mark Hyman, Seth Weisfeld, Mike Nemke, and Dan Swerdlin, Function combines more than 160 lab tests, roughly five times what a standard annual physical covers, with advanced imaging designed to catch early signs of cancer, aneurysms, stroke, and hundreds of other conditions, all inside a single annual membership priced at $365, or a dollar a day. 

Since launching its beta in 2023, the company says it has grown to more than 500,000 members and completed over 100 million lab tests, according to the company.

“Our mission is simple: enable you to live 100 healthy years. Everyone deserves to feel their best and avoid suffering. This growth financing allows us to bring that future of health into the present,” said Swerdlin, Function’s co-founder and chief executive.

The financing landed months after two acquisitions that filled out Function’s platform: Getlabs, which brought nationwide at-home and office blood draws, and SuppCo, whose TrustScore system rates the reliability of over-the-counter supplements. Neither deal disclosed terms. Function also acquired MRI scanning platform Ezra in May 2025, giving it a nationwide scanning network now covering more than 200 locations.

A crowded field with one thing in common

Founded in 2021 and headquartered in Austin, Texas with roots in the Bay Area startup ecosystem, Function is far from alone in pursuing the idea that AI and continuous monitoring can catch disease before it starts. 

Neko Health, co-founded by Spotify’s Daniel Ek, closed a $700 million Series C at nearly $7 billion in July 2026 to build its own scanning hardware and enter the US. Superpower raised $30 million at a $300 million-plus valuation using partner labs rather than owning the testing infrastructure, while Prenuvo has leaned entirely on whole-body MRI, generating roughly $250 million in annual revenue off $192 million raised. 

Where those rivals specialise in one layer, such as imaging, labs, or software, Function combines labs, imaging, at-home draws and supplement guidance into a single membership, wagering that bundling wins out over point solutions.

European challengers are chasing the same thesis at a fraction of the capital. Paris-based Lucis, also backed by General Catalyst, raised $8.5 million to bring biomarker tracking to Europe, while Swiss startup Ahead Health raised $10 million to combine blood panels and MRI for launches in Germany and the Netherlands. UK’s Numan has taken a different route into the same market, reporting $90 million in 2024 revenue from personalised preventive care. 

Next to Function’s $450 million non-dilutive cheque, the gap in capital intensity between the US and European versions of the same idea is stark.

“Function has created an entirely new approach to health. We believe the company is uniquely positioned to reach millions more people, and we’re proud to support its next phase of growth,” said added Pranav Singhvi, partner and co-head of CVF at General Catalyst. 

The round and what comes next

Because CVF financing is structured as non-dilutive, revenue-linked capital rather than an equity stake, this deal does not reset Function’s valuation, which stood 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 (Nat Friedman and Daniel Gross), and Roku founder Anthony Wood. Combined with roughly $350 million raised in prior equity rounds, Function has now raised more than $800 million across equity and non-dilutive financing.

According to Grand View Research, the global preventive healthcare technology market is expanding as diagnostics and AI push care earlier into a person’s life, rather than after symptoms appear.

Whether preventive testing becomes a genuine category of healthcare or a subscription for the worried wealthy is still unsettled. Function’s membership costs a fraction of Neko’s per-visit pricing, but at $365 a year with no insurance involved, the “millions more people” Singhvi describes will need convincing that data bought out of pocket is worth more than a doctor they cannot see.