Truemed Raises $34 Million Series A to Expand Preventive Health and HSA/FSA Spending Platform

Truemed, an Austin, Texas-based health payments and preventive care technology company, has secured significant venture capital support with a $34 million Series A funding round that underscores investor confidence in its mission to transform how Americans spend their healthcare dollars. Truemed’s platform enables eligible consumers to use Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to pay for evidence-based lifestyle and preventive health products and services — expanding the typically narrow scope of tax-advantaged health spending and encouraging proactive health investment rather than reactive care.

Founded by Justin Mares, Truemed has experienced rapid traction and revenue growth, with the company reporting 3x year-over-year growth over the past two years as users leverage its marketplace and compliance tools to access wellness products for cardiovascular health, mental health, chronic pain, metabolic conditions, and more. The company works with thousands of brands and products across fitness, nutrition, and health categories — including equipment and services from companies like Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness — all of which can become eligible for HSA/FSA use through Truemed’s clinician-led qualification process.

In December 2025, Truemed announced the close of its $34 million Series A financing, marking one of the largest raises for a company operating at the intersection of healthcare payments and preventive health technology. The round was led by Andreessen Horowitz, a leading venture capital firm known for investing in transformative technology companies across healthcare, consumer tech, and enterprise platforms. Joining Andreessen Horowitz in the round were Bessemer Venture Partners, a storied venture firm with deep experience in scaling high-growth startups; Long Journey Ventures, an early-stage investor focused on ambitious innovators; BoxGroup, a seed-stage investment firm backing founders from launch to scale; and Trust Ventures, an early investor that supports emerging technology ventures.

Truemed’s Series A funding will be deployed to accelerate the company’s product innovation, expand its marketplace and payment infrastructure, and grow consumer awareness and adoption of preventive health spending through HSA and FSA dollars. By streamlining the compliance and eligibility process — including clinician-led medical necessity letters that help users qualify purchases — Truemed seeks to simplify what has historically been a complex and underutilized pool of tax-advantaged healthcare funds. This focus on regulatory compliance and eligible wellness interventions distinguishes Truemed in the broader digital health and fintech landscape.

The startup’s solution aims to correct a common pain point in the U.S. healthcare system: despite HSAs and FSAs collectively holding tens of billions of dollars in funds, many consumers and employers underutilize these accounts or restrict their use to narrow categories of traditional medical expenses. By enabling HSA/FSA spending on preventive and lifestyle products with evidence-based health impacts — such as exercise, sleep optimization, nutrition, and chronic disease risk mitigation — Truemed positions itself as a catalyst for shifting healthcare spending from reactive care to proactive health management.

Investors in Truemed’s Series A highlighted both the company’s business performance and its mission as drivers for their participation. Leaders from the funding group have underscored the broader trend toward consumer-centric solutions that empower individuals to take control of their health spending, especially as healthcare costs and chronic disease burdens continue to challenge traditional insurance and care models.

The company’s platform combines a marketplace of preventive products with a payments layer that simplifies the checkout experience for consumers seeking to apply their pre-tax funds, making HSA/FSA use intuitive and accessible. Prior to the Series A, Truemed had already established a presence in the health payments ecosystem, highlighting the market demand for more flexible and impactful ways to allocate healthcare dollars.

Looking ahead, Truemed plans to use the capital from its latest funding round to enhance its telehealth and compliance technologies, deepen its partnerships with merchant and wellness brands, and broaden its outreach to consumers and benefits administrators exploring alternative models for allocating health savings funds. As the company scales, it aims to expand its role in shaping how preventive care and wellness products are financed and accessed, positioning Truemed at the forefront of a movement to make proactive health investment a core part of the American healthcare experience.

Overall, Truemed’s funding success and strategic backing from major venture investors reflect growing interest in solutions that bridge healthcare, technology, and consumer finance, while unlocking new opportunities for individuals to invest in their long-term health and wellbeing.