Direct‑to‑consumer telemedicine platform Musely has secured more than $360 million in non‑dilutive financing from General Catalyst’s Customer Value Fund (CVF). The funding, structured as a revenue‑share agreement rather than an equity investment or traditional loan, provides Musely with capital that will be repaid through a capped percentage of its future revenue.

Founded in 2014 as a wellness community, Musely pivoted to prescription‑based skincare, hair, and menopause treatments in 2019 and has been cash‑flow positive ever since. CEO and co‑founder Jack Jia said the company had repeatedly turned down equity offers because he wanted to preserve ownership. When CVF approached the company last year, its terms—no equity dilution and a lower cost than a bank loan—proved attractive. “When I modeled the numbers, it was absolutely compelling,” Jia explained.

Musely’s revenue has been growing at roughly 50 % year over year, and the company has served more than 1.2 million patients. The new capital will be used to accelerate customer acquisition, sales, and marketing initiatives, helping the firm move from its current revenue base toward the next growth milestone. Musely joins a CVF portfolio that includes firms such as Grammarly, Lemonade, and Ro, and the financing comes from a fund separate from General Catalyst’s main $8 billion vehicle.

The company’s capital efficiency is notable. After an initial $20 million raise in 2014 from DCM and other investors, Musely has not taken any additional equity financing. Its platform enables patients to obtain prescription products through asynchronous consultations with board‑certified dermatologists and OB‑GYNs, positioning it as a cost‑effective alternative in the competitive DTC health market.