Truemed Raises $34 Million to Expand HSA/FSA Access for Preventive Health Products
Truemed, an innovative telehealth and payments technology company transforming how Americans use Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), has secured $34 million in Series A funding to further its mission of preventive health accessibility. The round was led by Silicon Valley giant Andreessen Horowitz, with participation from Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures.
The Austin-based company is quickly becoming a standout in the growing HSA/FSA marketplace, helping consumers pay for preventive wellness products—from fitness and sleep to nutrition and mental health—using pre-tax dollars. This move is particularly resonant in a time when Americans are searching for more control, affordability, and personalization in their healthcare choices.
Empowering Consumers to Rethink Healthcare
Founded by entrepreneur and CEO Justin Mares, Truemed is positioning itself at the intersection of health, technology, and personal finance. Its platform partners with thousands of well-known brands like Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness, allowing customers with qualifying medical conditions to use HSA/FSA funds for lifestyle-focused interventions.
“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. “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.”
With U.S. healthcare costs on the rise, the ability to use HSA and FSA funds for nontraditional health solutions is gaining attention. More consumers are seeking evidence-backed methods for managing conditions such as early heart disease, chronic pain, obesity, metabolic dysfunction, and mental health challenges. Truemed helps facilitate this shift through an easy-to-use marketplace and a streamlined process for medical eligibility.
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A Vision for a Healthier, More Proactive America
The company's growth trajectory has been steep—reporting three consecutive years of 3x year-over-year revenue growth. This fresh round of capital will be used to expand Truemed’s telehealth and payments technology, increase brand awareness, and continue working with clinicians to ensure eligibility through compliant Letters of Medical Necessity.
“Truemed is transforming how Americans engage with their health by turning financial tools like HSAs and FSAs into vehicles for everyday health improvement,” said Julie Yoo, General Partner at Andreessen Horowitz.
Daisy Wolf, a Partner at Andreessen, added, “By aligning consumer incentives with evidence-based lifestyle interventions, Truemed is helping shift our healthcare system from reactive to proactive.”
Built in Austin, Making a National Impact
With its roots firmly planted in Austin—a city known for its blend of tech innovation and wellness culture—Truemed is also making waves nationwide. As the conversation around healthcare reform shifts toward prevention and empowerment, Truemed’s platform provides a timely solution for a broader audience looking to take control of their wellness journey.
From gym memberships and personal training to sleep optimization and nutritional programs, Truemed is working to ensure that health investments made by consumers today will pay off in the form of long-term well-being—without breaking the bank.
To learn more about Truemed and its growing list of eligible merchants and services, visit www.truemed.com.
Tiffany Krenek has been on the My Neighborhood News team since August 2021. She is passionate about curating and sharing content that enriches the lives of our readers in a personal, meaningful way. A loving mother and wife, Tiffany and her family live in the West Houston/Cypress region.