Musely secures $360M from General Catalyst without giving up equity

Musely, a profitable DTC telemedicine platform for skin, hair, and menopause care, has secured $360M in non-dilutive capital from General Catalyst's Customer Value Fund (CVF). Unlike traditional VC, CVF takes no equity stake and charges no interest — instead, repayment is structured as a fixed, capped revenue-share. Musely's CEO Jack Jia, who had previously rejected equity rounds to avoid dilution, found CVF's terms more favorable than bank loans. The company, cash flow positive for years and growing revenue ~50% YoY with 1.2M+ patients, will use the funds for customer acquisition. Musely joins CVF's portfolio alongside Grammarly, Lemonade, and Ro.