Truemed Raises $34M to Turn HSA/FSA Dollars Into Preventive Health Capital

What’s Happening

‍Truemed has closed a $34 million Series A, led by Andreessen Horowitz, to unlock HSA and FSA funds for preventive, lifestyle-based healthcare.

Rather than treating HSAs and FSAs as tools for sick care after the fact, Truemed connects clinically supported lifestyle interventions—from fitness and sleep to nutrition and recovery—to qualifying medical conditions, making them eligible for pre-tax healthcare dollars.

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Who’s Backing It

‍The round includes participation from Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures, signaling growing conviction around prevention-first healthcare infrastructure.

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Why It Matters

‍HSAs and FSAs are among the most powerful—but underused—financial tools in healthcare. Today:

• 76% of Americans live with a chronic condition
• Most healthcare spend remains reactive, not preventive
• Lifestyle interventions are often out of pocket, despite strong clinical support

Truemed flips that model by embedding compliance directly into the checkout flow, allowing qualified users to apply pre-tax dollars toward products that support long-term health.

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What Truemed Has Built

• 3,000+ merchant partners, including Peloton, Eight Sleep, Nike Strength, and 24 Hour Fitness
• A clinician-led eligibility process, including independent Letters of Medical Necessity
• A seamless HSA/FSA compliance layer for brands and consumers
• 3× year-over-year revenue growth over the past two years
• A strategic partnership with Navia Benefit Solutions to expand benefits access

For many users, qualifying purchases unlock ~30% average savings, shifting spend toward prevention instead of treatment.

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Founder Perspective

‍Justin Mares, Founder & CEO of Truemed, puts it simply:
HSAs and FSAs should be as ubiquitous—and as proactive—as a 401(k).

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The Playbook Take‍

This isn’t just a funding round—it’s a quiet rewrite of how healthcare gets paid for. If Truemed succeeds, prevention won’t require behavior change alone—it’ll be financially engineered into everyday decisions. That shift could reshape health spending long before patients ever enter a clinic.