Truemed Closes $34 Million Series A To Unlock HSA/FSA Funds For Lifestyle Interventions

For decades, HSAs and FSAs have been treated as reactive tools, used after people get sick. Truemed is changing that.

Today we announced our $34 million Series A funding round led by Andreessen Horowitz, with participation from Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures.

This funding accelerates our mission: turning pre-tax healthcare benefits into tools for everyday, preventive health.

"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,” said Justin Mares, founder and CEO of Truemed.

Here’s the reality:

• 76% of Americans live with a chronic condition
• Preventive tools are still financially out of reach
• Healthcare spend is overwhelmingly reactive

HSAs and FSAs are one of the most powerful financial tools available in healthcare. Yet today, they’re largely underutilized, or misunderstood, when it comes to preventive, lifestyle-based care.

Truemed exists to change that by connecting clinically supported lifestyle interventions to the medical conditions they address, enabling qualified individuals to use HSA and FSA funds for medically necessary products.

Since launching Truemed, we’ve focused on making preventive care accessible, compliant, and easy to use.

Today, that includes:

• 3,000+ merchant partners, including Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness
• A clinician-led eligibility process, including independent provider evaluations for Letters of Medical Necessity
• A seamless qualification and compliance layer that removes complexity from HSA/FSA usage
• 3× year-over-year revenue growth over the past two years
• A strategic partnership with Navia Benefit Solutions, expanding access across benefits ecosystems

For many people, HSA/FSA use can unlock about 30% average savings while shifting spend toward preventive care.*

"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," said Mares.

This funding is meaningful fuel to continue our mission of turning pre-tax healthcare benefits into tools for everyday, preventive health.