Funding round
Function Health Series A
Function Health, which works in health and wellness membership program services in College Station, raised $15M in a Series A round announced on 26 Jun 2024, led by Andreessen Horowitz, at a $191M post-money valuation. 6 firms took part, with 15 individual investors. It is Function Health's first venture round on record.
$15M
Amount raised
$191M
Post-money valuation
$176M pre-money
6
Investors
1 lead
7.9%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Function Health at $191M after the new money. The $15M bought investors about 7.9% of the company. It is Function Health's first venture round on record, 2 years after it was founded in 2022. It is 2.0% of the $765M Function Health has raised in the venture rounds on record. Function Health raised again 11 months later: a Series B round of $300M in May 2025, at $2.50B post-money.
Function Health's funding rounds
Function Health has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Andreessen Horowitz led the round with 5 other firms.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- backs 2 venture-backed companies new investor
- backs 9 venture-backed companies new investor
- backs 60 venture-backed companies new investor
- backs 12 venture-backed companies new investor
- backs 13 venture-backed companies new investor
Individual investors: Matt Damon, Ari Emanuel, Kevin Hart, Embiid Ventures, Jay Shetty, Blake Griffin, Zac Efron, Jimmy Rollins, Colin Kaepernick, Dr. Casey Means, Pedro Pascal, Ara Katz, Harvey Spevak, Harpreet Singh Rai and Jeff Dean.
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
19 Series A rounds in Medical Laboratories within a year either side disclosed an amount; the median was $8.5M, and this round was 1.8 times the median. The closest in time, other companies' Series A rounds in Medical Laboratories:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Medical Laboratories | 4 May 2024 | $6.0M | not disclosed | not named |
| Medical Laboratories | 7 Aug 2024 | $8.5M | not disclosed | Spero |
| Medical Laboratories | 12 Aug 2024 | $6.0M | not disclosed | Yali Capital |
| Medical Laboratories | 11 Sep 2024 | $3.6M | not disclosed | not named |
| Medical Laboratories | 10 Sep 2024 | $1.5M | not disclosed | Shaffer Capital, LLC |
| Medical Laboratories | 8 Oct 2024 | $19M | not disclosed | MAK Capital One, LLC |
| Medical Laboratories | 17 Oct 2024 | $10M | not disclosed | Merck Global Health Innovation Fund |
| Medical Laboratories | 1 Dec 2024 | $1.5M | not disclosed | not named |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Function Health raise in its Series A round?
Function Health raised $15M in its Series A round, announced in Jun 2024.
Who led Function Health's Series A round?
Andreessen Horowitz led it, with Wisdom, Draft Ventures, K5 Global, G9 Ventures and 53 Stations.
What was Function Health's valuation at the Series A round?
$191M post-money ($176M pre-money).
How does it compare with other Series A rounds in Medical Laboratories?
19 Series A rounds in Medical Laboratories within a year either side disclosed an amount; the median was $8.5M, and this round was 1.8 times the median.
Did Function Health raise again after this round?
Yes: a Series B round in May 2025 of $300M at $2.50B post-money.