Our Journey with Ezra

We are thrilled to announce that Ezra, a leader in full-body health and wellness scans, has been acquired by Function Health, the leader in comprehensive wellness testing.

When we first met Ezra’s founder, Emi Gal, over five years ago, it was clear he was passionate about consumer health and AI. His mother’s experience with cancer centered his focus on early detection, which massively improves survival rates. Cancer remains a pervasive global challenge — one in three people will be diagnosed with cancer during their lifetime, and more than half will discover it late.

When we initially invested in winter 2020, we were unknowingly on the cusp of the COVID pandemic. Fairly quickly, no space was more challenged than consumer health, especially for in-clinic elective healthcare services. A long-term focus on longevity quickly shifted to short-term needs of the COVID-19 pandemic. In a world focused on staying six feet apart, the prospect of convincing consumers to step into the enclosed space of an MRI machine went from daunting to impossible nearly overnight. Ezra had a significant limitation in selling its product for almost two years.

Many founders and investors might have responded to this new reality with understandable pragmatism. Once product market fit is lost, it’s difficult to regain, especially if the loss is driven by factors outside of the company’s control. But Emi’s commitment to the mission remained resolute, ensuring our unwavering support. Instead of faltering, the Ezra team focused. They focused on their product and delivered cutting-edge AI technology that unlocked a better scan that could be delivered faster with better results (customers can get scanned in as little as 25 minutes!). We navigated the company through multiple follow-on rounds and supported the team through a few bridge financings to ensure the mission could continue.

We were prepared to do so for a few key reasons. First, decades of operating and venture experience in some period of tremendous volatility give us an essential foundation to navigate unprecedented uncertainty. Second, we were close enough to the company that we were able to provide active support across talent, capital, and industry introductions. Third, as a high-conviction fund with the institutional strength to weather market cycles, we were prepared to support our portfolio in good times and bad.

In hindsight, it feels fitting that a longevity company would stay focused on the long term. We pride ourselves on having the longest view in the room, and in Emi, we found a like-minded partner. We have always believed in the power of giving consumers agency over their health. In recent years, that movement has accelerated toward longevity: proactive, data-driven approaches to staying healthier for more of life.

Ezra is now better positioned to realize their ambitious vision as part of the Function Health team. Function has quickly become one of the most consequential leaders in the longevity space, and Ezra’s technology unlocks a critical component of total health. This is only the beginning of the journey – we believe in the long term vision and are maintaining our ownership in the combined company.

Our conviction in this space is stronger than ever. Wellness is now a high priority for 82% of US consumers. Preventative healthcare is a $3.7T market, growing 6.5% annually. What’s more, this market drives real outcomes. Every $1 spent on preventative care translates to $5.60 in healthcare savings, not to mention the immeasurable quality of life benefits resulting from early action. Yet fewer than 10% of US adults receive all recommended high-priority preventative services, including screenings, immunizations, and supplements. 

The opportunity ahead remains massive.

It’s been a privilege to be Ezra’s partner and work alongside Emi and his team since the Series A. Ezra sits at the intersection of three of FirstMark’s deepest areas of expertise: consumer, healthcare, and AI. It’s an exceptional opportunity to bring together lessons from delightful consumer experiences like Pinterest and Airbnb, healthcare leaders like Ro, Workit Health and Roon, and cutting-edge AI innovators like Synthesia and Dataiku.

Emi’s resilience embodies the spirit of New York’s entrepreneurial community: building at the frontier of industries that matter. We’re proud to back founders who are bringing AI into the core of critical sectors like healthcare, and we’re excited to support the next generation of visionary leaders shaping the future of these essential categories.

This is only the beginning of the journey – we are taking no cash off the table. Instead, we are maintaining our holding in the combined company, and doubling down with an additional investment in Function Health.

We are proud to be investors in Function Health, one of the premier companies in next-generation healthcare, and excited about the future!