Asset Manager

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Function

Function was founded in 2021 by Spotify founder Daniel Ek, clinician-scientist Hjalmar Nilsonne, and Harvard AI researcher Pranav Rajpurkar.

Function

Function was founded in 2021 by Spotify founder Daniel Ek, clinician-scientist Hjalmar Nilsonne, and Harvard AI researcher Pranav Rajpurkar. The company addresses a structural gap in healthcare: episodic, symptom-triggered lab work that misses asymptomatic disease. By offering a direct-to-consumer membership that covers biannual panels of more than 100 biomarkers — ranging from heavy metals and autoimmune markers to advanced lipids and cancer screening — Function positions itself outside traditional insurance-reimbursement pathways, competing instead with concierge medicine and executive physicals. Ek's experience scaling Spotify's platform informs the operational architecture, while Nilsonne and Rajpurkar bring clinical measurement design and machine-learning rigor to the underlying data models. The company operates without disclosed institutional capital from traditional family offices or sovereign wealth funds, instead relying on a venture financing structure led by prominent technology investors including Andreessen Horowitz, which co-led a Series A round, and Thrive Capital. The firm's deployment strategy centers on scaling a high-complexity, centralized laboratory analysis model paired with a consumer-facing digital dashboard. Function does not operate as a family office or asset manager; its capital allocation is directed entirely toward operating infrastructure — lab partnerships, phlebotomy networks, and proprietary data interpretation software. The platform covers endocrinology, cardiology, immunology, oncology markers, and toxicology, generating what Function describes as a deeply individualized baseline for each member. This approach pits the company against laboratory giants like Quest Diagnostics and Labcorp, though it competes on longitudinal interpretation rather than test volume. Geographically, Function is active across the United States, with physical blood-draw sites established in major metropolitan areas including New York, Los Angeles, and San Francisco. In early 2025, the company reported surpassing 100,000 active members, signaling adoption concentrated in biohacking, longevity-focused, and executive wellness communities (per Function, January 2025). The company is headquartered in New York City and operates without a disclosed number of professionals, though the team includes clinicians, research scientists, and engineers dedicated to the platform's data pipeline. No adjacent philanthropic vehicles or real-asset arms are known to exist. The leadership structure places Ek as Executive Chairman, a role that mirrors his pattern of founding and chairing technology-intensive health and infrastructure ventures adjacent to Spotify. In May 2025, Function opened a dedicated member experience center in Manhattan — its first branded physical space outside its laboratory network — designed to serve as both a clinical intake point and a commercial showroom for prospective members (per Function press release, May 2025). The company has not publicly disclosed any co-investment clubs, peer family office participation, or formal ties to the Tiger 21 or YPO networks. Function's structural distinction lies in its refusal to operate within the electronic health record ecosystem. Rather than integrating with hospital IT systems, the platform builds a parallel, patient-owned data repository that sits outside HIPAA-covered entity relationships through its direct-to-consumer consent model. This architecture avoids the interoperability friction that slows health AI deployments inside health systems, but it also places the company outside referral loops that connect lab results to treating physicians. The governance model — a venture-backed public benefit corporation, with Ek serving as a long-horizon founder-chair — represents a hybrid form: neither a pure technology startup nor a medical practice, but a data company operating on human physiology at scale.

General information

Firm type

Asset Manager

Year founded

2021

AUM

Undisclosed

Location

Region

North America

Country

United States

City

New York

Corporate office

New York, NY, United States

Principals

Daniel Ek

Co-Founder & Executive Chairman

Hjalmar Nilsonne

Co-Founder & CEO

Pranav Rajpurkar

Co-Founder & President

Sector focus

Digital HealthAI/ML

Frequently asked questions

Who runs investment decisions at Function?

Function is an operating company, not an investment firm. Capital allocation decisions are overseen by the co-founders — Daniel Ek (Executive Chairman), Hjalmar Nilsonne (CEO), and Pranav Rajpurkar (President) — and directed entirely toward operational expansion. The company has raised venture funding from Andreessen Horowitz and Thrive Capital, but does not manage an external investment portfolio or deploy third-party capital.

How does Function source its proprietary data?

Function sources data directly from its members through scheduled, standardized blood draws conducted at partner phlebotomy sites and its own facilities. Each member provides samples biannually for a panel of more than 100 biomarkers. Function controls the collection protocol, laboratory analysis, and resulting dataset, creating a longitudinal health record that the company owns and the member accesses through a digital dashboard.

Is Function structured as a family office?

No. Function is a venture-backed operating company focused on direct-to-consumer lab testing and health data. It does not manage Daniel Ek's personal wealth, nor does it allocate capital across asset classes. Ek's involvement is as a co-founder and Executive Chairman, not as a single-family office principal using the entity to deploy family capital.

Does Function participate in fund commitments or direct deals?

Function does not make fund commitments or external direct investments. The company is a startup that raises capital to fund its own operations. It has received venture financing from external investors but does not operate as an allocator or a co-investment vehicle for family office capital.

What is Function's known posture on partnering with institutional allocators?

Function has no known posture toward institutional allocators, as it is not an investment product. The company has raised capital from venture firms, not from pension funds, endowments, or family offices seeking exposure to a fund. Allocators analyzing Function would be assessing it as a potential direct-venture co-investment opportunity alongside the firm's existing backers, not as a manager of outside capital.

How is Function related to Spotify or Daniel Ek's other ventures?

Function is a legally separate entity from Spotify. Daniel Ek co-founded it independently and serves as Executive Chairman. While his experience scaling a data-driven platform company informs Function's design and strategy, there is no disclosed operational or financial linkage between Function and Spotify, nor between Function and Ek's other ventures like Neko Health, the Sweden-based body-scanning startup he also co-founded (per Sifted, 2023).

Which healthcare sectors does Function explicitly avoid?

Function avoids operating as a provider of medical advice or treatment. The platform delivers lab results and contextual data interpretation, but does not diagnose disease, prescribe medication, or maintain treating-physician relationships. The company also avoids integrating with hospital electronic health record systems, deliberately staying outside the interoperability requirements and referral pathways that govern traditional clinical lab relationships.

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