Function Secures Major Growth Financing
Function, a health technology company offering over 160 lab tests and personalized health protocols, has announced a substantial $450 million growth financing round. This funding was led by General Catalyst's Customer Value Fund, a prominent investment firm known for backing successful startups like Airbnb and Stripe.
Company Overview
Function aims to empower individuals to take control of their health by providing a comprehensive platform that includes lab testing and personalized health insights. Users have access to biannual lab tests and additional services like MRI and CT scans at competitive prices. Since its beta launch in 2023, Function has sought to integrate various health services into a single, user-friendly platform.
Leadership Team
The company was co-founded by Dan Swerdlin, Jonathan Swerdlin, Pranitha Patil, and Seth Weisfeld. Jonathan Swerdlin, who also serves as CEO, emphasized the company's mission: "Our mission is simple: enable you to live 100 healthy years." Pranitha Patil, the Chief Business Officer, and Seth Weisfeld, the Chief Design Officer, are also instrumental in driving the company's growth and innovation. Nicole Granet serves as the Chief of Staff to the CEO.
Strategic Use of Funds
The newly raised capital is set to accelerate Function's mission to expand its reach and impact. The company plans to use the funds to enhance its platform capabilities and broaden its service availability. Recently, Function expanded its service offerings by acquiring Getlabs' nationwide at-home and office blood draw network and SuppCo's supplement platform. These acquisitions are part of Function’s strategy to make health services more accessible and integrated.
General Catalyst's Role
General Catalyst's Customer Value Fund led the financing round, underlining their confidence in Function's potential to transform health management. Pranav Singhvi, Partner and Co-Head of CVF at General Catalyst, stated, "Function has created an entirely new approach to health that we have never had before. We believe Function is uniquely positioned to reach millions more people."
Looking Ahead
With this significant infusion of capital, Function is positioned to extend its services and innovate further in the health tech space. The company’s focus remains on making comprehensive health management more accessible and personalized for a wider audience, aiming to bring its vision of proactive health ownership to fruition.