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.