Austin, United States
Truemed is a health and wellness payments tool that facilitates the use of tax-free Health Savings Account (HSA)/Flexible Spending Account (FSA) funds for purchasing healthy food, exercise, and supplements. The startup aims to unlock the $150 billion in HSA/FSA funds for wellness brands and simplify the process for customers to spend tax-free dollars on their health. Its partnership with prominent health and wellness brands such as CrossFit, Magic Mind, and DB Method has led to significant increases in average order value (AOV) and retention, with some merchants experiencing AOV boosts of over 30% and a 40% increase in month 2 retention.
Truemed's seamless implementations, which include an official Shopify payments app and code snippets, require less than 30 minutes to install and do not necessitate engineering work on the merchant's side. The company has garnered support and collaboration from impactful figures such as Dr. Mark Hyman, a renowned metabolic health leader, and key members of Congress. Truemed has also developed close ties with the White House point person on HSA/FSA policy, demonstrating its understanding of the regulatory landscape and the strategic importance of its mission.
The startup recently secured a $3.50M Seed Round investment on September 18, 2023, with the notable investor being Mark Hyman. With its vision, strategic partnerships, and focus on enabling health-conscious consumers to maximize the benefits of HSA/FSA funds, Truemed presents a promising opportunity for venture capital firms looking to tap into the intersection of healthcare and payments industries in the United States.
