Truemed, a marketplace and payments platform that helps eligible consumers use HSA and FSA funds for preventive health purchases, has raised a $34 million Series A round led by Andreessen Horowitz, with participation from Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures.
The company positions its platform as a way for qualified individuals to pay for evidence-based lifestyle interventions using tax-advantaged Health Savings Accounts and Flexible Spending Accounts. Truemed said it works with thousands of products and services, citing merchants and brands such as Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness.
Truemed said the majority of its users seek support tied to early heart disease, mental health, chronic pain, and metabolic health conditions. The company also reported 3x year-over-year revenue growth for each of the past two years.
Truemed said it will use the new capital to continue building its products and portfolio and to expand consumer awareness around access to lifestyle interventions through HSAs and FSAs. A core component of the offering is HSA/FSA compliance and eligibility determination, which Truemed said is supported by a process designed to facilitate letters of medical necessity led by clinicians experienced in functional medicine.
KEY QUOTES:
“HSAs and FSAs are one of the most effective tools available for addressing chronic illness and obesity, and should soon be as ubiquitous as a 401k.” “Combining the world’s top portfolio of preventive products with a tech solution for the HSA/FSA process will help us go beyond a focus on sick care to making preventive lifestyle interventions an everyday approach.”
Justin Mares, Founder and CEO, Truemed
“Truemed is transforming how Americans engage with their health by turning financial tools like HSAs and FSAs into vehicles for everyday health improvement.”
Julie Yoo, General Partner, Andreessen Horowitz
“By aligning consumer incentives with evidence-based lifestyle interventions, Truemed is helping shift our healthcare system from reactive to proactive.”
Daisy Wolf, Partner, Andreessen Horowitz
