Function Health Secures $450 Million in Funding to Expand Laboratory Testing and Medical Imaging Platform

U.S. health technology company Function Health recently secured $450 million in growth funding from General Catalyst's Customer Value Fund. The company stated that the funds will be used to expand user coverage of its testing and medical imaging platform.

Function Health launched as a beta version in 2023, with a platform integrating laboratory testing, medical imaging, and health data analytics services. Its membership includes over 160 laboratory tests, with testing scheduled twice a year, and annual plans starting at $365. Testing coverage encompasses cardiovascular health, hormones, thyroid and kidney function, inflammation, nutritional levels, and certain cancer-related markers.

In terms of medical imaging, the company also provides users with access to magnetic resonance imaging (MR) and computed tomography (CT) scans, which require additional fees, currently covering over 200 locations across the United States. Laboratory test and imaging results are integrated into the Function Health application, allowing users to easily view and manage their health data.

Function Health co-founder and CEO Jonathan Swerdlin stated that the company's goal is to help users achieve longer, healthier lives. General Catalyst noted that this funding reflects its recognition of Function Health's business model and growth potential. Other terms of the transaction were not disclosed.

Prior to this funding round, Function Health completed two acquisitions in the second quarter, including acquiring Getlabs' nationwide at-home and office-based blood collection network, as well as SuppCo, a platform focused on supplements. The company is headquartered in Austin, Texas.