Truemed Secures $34 Million to Enhance HSA/FSA Access for Healthy Living Solutions

Truemed, recognized as the premier marketplace for Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA), has successfully closed a $34 million Series A funding round. This significant investment was led by Andreessen Horowitz, with additional support from notable investors like Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures. The new capital aims to accelerate the company’s operations, enabling it to enhance its innovative platform designed for preventive healthcare products.

Truemed’s platform streamlines the process for individuals eligible to utilize their HSA and FSA funds for evidence-based lifestyle interventions. Partnering with reputable brands such as Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness, Truemed provides a variety of health resources tailored to improve conditions such as early heart disease, chronic pain, mental health issues, and metabolic health. In just two years, the company has witnessed a remarkable threefold growth in revenue, reflecting a rising demand for accessible health solutions.

Founder and CEO Justin Mares emphasized the importance of HSAs and FSAs as vital tools in combating chronic illnesses and obesity. In his view, these accounts should become as commonplace as 401(k) plans. He articulates the vision that by merging high-quality preventive products with user-friendly payment technology, Truemed can promote lifestyle changes that shift healthcare from a reactive to a proactive approach.

Julie Yoo, General Partner at Andreessen Horowitz, praised Truemed for its innovative model, claiming that the company is revolutionizing how Americans engage with their health. By framing financial tools like HSAs and FSAs as vehicles for daily health improvements, the outlook for preventive healthcare embraces a future where financial incentives align with healthy living.

Daisy Wolf, a partner at Andreessen Horowitz, echoed these sentiments, stating that Truemed's approach is pivotal in transitioning the healthcare system towards a proactive stance, rather than merely addressing illnesses as they arise.

Truemed excels in ensuring compliance with HSA/FSA regulations and determining eligibility through a tailored process. This involves facilitating letters of medical necessity that are crafted by experienced clinicians in functional medicine, further solidifying Truemed's commitment to responsible healthcare practices.

The funding will not only allow Truemed to broaden its product offerings but also enhance consumer awareness related to HSAs and FSAs as effective tools for accessing lifestyle interventions. By continuing to develop its platform and expanding its networks with various health and wellness brands, Truemed aims to fulfill its mission of making preventive health more accessible and promoting better health outcomes for all.

Truemed stands firm in its belief that lifestyle interventions—including exercise, improved diet, and better sleep quality—represent the most effective solutions for addressing the chronic disease crisis facing modern society. To learn more about Truemed and its offerings, visit www.truemed.com.