Function Health

Digital Health · Preventive Care · Diagnostics

Funding

Function Health lands $450M non-dilutive financing from General Catalyst

The capital is structured as non-dilutive growth financing tied to customer acquisition, not a traditional equity round.

• Function Health secured $450 million in growth financing from General Catalyst's Customer Value Fund (CVF), closed to accelerate customer acquisition rather than through a traditional equity round.
• Function combines lab testing (160+ panels), optional MRI and CT imaging, and AI-driven personalized health insights into a single subscription platform aimed at preventive, lifelong care.
• The financing follows a $298 million Series B closed in November that valued Function at $2.5 billion, and comes after acquisitions of at-home blood-draw network Getlabs, supplement platform SuppCo, and MRI provider Ezra.
• Function membership starts at $365 a year, roughly $1 a day, for access to more than 160 lab tests covering the heart, hormones, thyroid, liver, kidneys and inflammation markers.
• General Catalyst made this bet just weeks after leading Neko Health's $700 million Series C, signaling a broader push by the firm into AI-powered whole-body scanning and diagnostics startups.
• Structuring the deal as non-dilutive growth capital rather than equity suggests investors see Function's customer-acquisition economics as predictable enough to fund directly, a financing model gaining traction in consumer health tech.