Truemed Raises $34M in Series A Funding

Truemed, an Austin, Texas based-provider of a health savings account (HSA) and flexible spending account (FSA) payment marketplace, raised $34M in Series A funding.

The round was led by Andreessen Horowitz, with participation from Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures. In conjunction with the funding, Julie Yoo and Daisy Wolf are joining the company’s board.

The company intends to use the funds to accelerate its telehealth marketplace, expand its product portfolio, and increase consumer awareness of access to lifestyle interventions through HSA and FSA funds.

Led by founder and CEO Justin Mares, Truemed develops payment technology that enables individuals to use tax-advantaged funds for evidence-based lifestyle interventions, such as exercise, diet, and sleep products.

The company has experienced 3x year-over-year revenue growth for the past two years and currently partners with thousands of brands, including Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness.

source[FinSMEs]