Function Health Raises $450M to Make Preventive Healthcare the Default, Not the Exception

Most people go to a doctor when something is wrong. Function Health is building the infrastructure for the opposite — knowing what is coming before it arrives.

The Austin-based startup has secured $450 million in growth financing from General Catalyst's Customer Value Fund, less than eight months after closing a $298 million Series B led by Redpoint Ventures. In total, Function has now raised over $800 million since its 2023 launch.

Function was founded by Jonathan Swerdlin, Dan Swerdlin, Seth Weisfeld, and Dr. Mark Hyman. The platform offers comprehensive lab testing memberships that track over 100 biomarkers — from metabolic markers and hormonal panels to cardiovascular and immune function — and translates the results into actionable health intelligence for members.

The General Catalyst investment is notable for its structure. The $450M came from the firm's Customer Value Fund, which takes a different approach to healthcare investing: it bets on companies that reduce the total cost of care by shifting spend from treatment to prevention. That framing is important. General Catalyst is not backing Function as a wellness app. It is backing it as infrastructure for a healthcare system that runs on data before symptoms appear.

Previous investors a16z, Battery Ventures, and Roku founder Anthony Wood also participated in the earlier Series B round.

What this means for founders

Health data is becoming the foundation for a new category of healthcare infrastructure. If you are building in diagnostics, preventive care, patient data, or health intelligence, this round is the clearest signal yet that institutional capital has decided the category is real. The question General Catalyst is answering with $450M is: what does healthcare look like when it runs on continuous monitoring rather than episodic visits?

Investors: General Catalyst (CVF), Redpoint Ventures, a16z, Battery Ventures, Anthony Wood Round: Growth — $450M Total raised: $800M+