Whole-body MRI provider Function raises $450M

Function—a celebrity-backed longevity services provider, including whole-body MRIs—recently raised $450 million in new funding. 

Cambridge, Massachusetts-based venture capital firm General Catalyst led the growth financing round via its Customer Value Fund, the two announced Thursday. First launched in 2023, Function offers direct-to-consumer, blood-based lab testing aimed at keeping users healthy. 

The company branched into elective MRI services last year via the acquisition of Ezra, with Function also backed by celebrities including Matt Damon, Pedro Pascal and Kevin Hart. The fundraising comes after it also recently acquired Getlab’s nationwide at-home or office-based blood draw network and SuppCo’s supplement platform. 

"Our mission is simple: enable you to live 100 healthy years. Everyone deserves to feel their best and avoid suffering," Jonathan Swerdlin, co-founder and CEO of  Austin, Texas-based Function, said in an announcement July 30. "Every dollar invested in Function is a vote for one hundred healthy years for 8 billion people. This growth financing allows us to pull the inevitable and optimistic future of health into the present."

Function said the funds will help bring its personalized health intelligence platform to “millions more people faster.” The company also previously announced it had raised $298 million in funding last November, placing its enterprise value at approximately $2.5 billion. Ezra additionally expanded nationwide the U.K. in January with six new imaging sites across the country. 

"This financing reflects our belief that Function is one of the defining companies of our generation," added Pranav Singhvi, partner and co-head of General Catalyst’s Customer Value Fund. "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, and we're proud to support the next phase of its growth."

Starting at $365 per year, Function’s 160-plus lab tests cover the heart, hormones, thyroid, liver, kidneys, metal exposure, nutrient levels, inflammation, and more. The company also offers MRI and CT (for an extra charge), scanning for signs of cancer, aneurysms, strokes and “hundreds of other conditions,” with 200-plus locations. Prior to joining Function, Ezra would offer its MRI artificial intelligence tools to radiology groups via a partnership model, rather than operating its own brick-and-mortar outposts, like competitor Prenuvo.