Function Health hits $2.5 billion valuation with $298 million Series B
The Austin preventive-health testing company raised an oversubscribed round led by Redpoint Ventures and launched a medical intelligence lab.
AUSTIN — Function Health, the membership service that gives consumers access to comprehensive lab testing and tracking, has raised an oversubscribed $298 million Series B at a $2.5 billion valuation.
The round, announced in November, was led by Redpoint Ventures. Other participants included Nat Friedman and Daniel Gross' NFDG, Andreessen Horowitz, Aglaé Ventures and Battery Ventures, alongside a roster of celebrity and athlete investors.
Alongside the raise, Function said it was launching a medical intelligence lab and expanding its testing menu, including imaging, as it pushes to become a default starting point for consumer health data.
Why it matters
Consumer healthtech has had a rough few years, with several once-hot startups stumbling on unit economics and regulatory friction. Function's jump to a $2.5 billion valuation suggests investors believe a subscription model built around preventive testing can scale where transactional telehealth could not — and it keeps a major consumer-health brand headquartered in Austin.
The company's bet on owning the data layer of personal health puts it on a collision course with both legacy diagnostics firms and a new generation of AI-driven health interpretation tools.
Reported by Next in Austin. Based on reporting from TechCrunch.
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