Function, the Austin-based preventive health platform, has closed a $450 million growth round led by General Catalyst's Customer Value Fund, capping a run that has now pulled more than $800 million into the business since 2023.
Cash To Widen Distribution
The company will use the capital to accelerate national expansion of its subscription clinic model, which pairs 160-plus biomarker blood tests twice a year with MRI and CT scanning through 200+ imaging partners and an AI-driven personal health dashboard.
Function says it now serves members across all 50 states and has been growing headcount, physician network, and lab throughput to keep up with demand. The new financing arrives eight months after a $298 million Series B.
Roll-Ups Feed The Platform
Q2 delivered two bolt-on acquisitions that widen the funnel: Getlabs, a nationwide mobile blood-draw network, and SuppCo, a dietary supplement tracking app. Both plug into Function's earlier Ezra acquisition, which brought AI full-body MRI scans in-house.
General Catalyst's Health-Tech Thesis
General Catalyst has been aggressively concentrating capital in vertically integrated health platforms — the same fund also bankrolled the Livongo-heritage Transcarent playbook — and Function fits the "outcome-priced primary care" thesis it has publicly championed. The check is structured through its Customer Value Fund, which finances customer acquisition against unit economics rather than pure equity dilution.
The round lands the same month Simile's $200M Series B and Eliyan's $145M Series C illustrate how growth-stage capital is chasing category-defining platforms across health, semiconductors and AI infrastructure.
Reporting based on coverage from Fierce Healthcare, MobiHealthNews and HIT Consultant.