This week, we break down Function Health’s huge funding round and Hims & Hers’ entry into blood testing, as well as the rise of in-person wellness events
We’ve officially entered the blood-testing era. This week, Function Health raised $298 million in a Series B round that valued the company at a staggering $2.5 billion.
Function, which allows users to test more than 100 blood biomarkers and receive personalized insights into their health, also lowered its annual price from $495 to $365.
Co-founded by Dr. Mark Hyman, the telehealth platform currently leads the booming market for personalized blood-testing, but it’s got some serious competition. Hims & Hers recently announced the launch of “Labs,” a similar service to Function that offers access to 120-plus lab tests and actionable advice based on those results.
Function and Hims & Hers are two of many telehealth brands betting on the idea that people will be willing to shell out a few hundred bucks per month (out-of-pocket) to gain insights into their bodies that traditional healthcare struggles to provide.
Investors are betting on the idea, too. Superpower, another lab-testing platform, raised $30 million earlier this year as money continues flowing into the telehealth sector.
In-Person Wellness Experiences Gain Ground
While brands like Function and Hims & Hers make their money by helping people get healthier without having to step foot in a doctor’s office, the market for in-person wellness is booming, too.
This month, the Eudēmonia Summit drew around 5,000 attendees to West Palm Beach, where guests could partake in everything from cold plunging to full-body MRI scans, and listen to speakers including Dr. Hyman, Halle Berry and Dave Asprey.
Other events are also gaining ground. Banking giant Chase is sponsoring The Wellness Oasis, which heads to Miami Art Week for its third annual event in December. Speakers include everyone from Gary Brecka to Lindsay Lohan to Olympic Gold Medalist Noah Lyles, and brands including Lululemon, Nespresso and Rivian will have a presence.
The fact that top brands and big-name celebrities are excited to attend wellness events serves as major validation of the sector’s growth and mainstream appeal.
