Health insurance startup Thatch secures funding at a $1 billion valuation
US-based health insurance and benefits platform Thatch has gained the support of major investors in its latest funding round.
US-based health insurance and benefits platform Thatch has achieved significant growth by raising $108 million at a $1 billion valuation.
Key Funds Participating in the Investment Round
US-based health insurance and benefits platform Thatch has raised $108 million at a valuation of $1 billion. This investment round saw participation from The General Partnership, Index Ventures, General Catalyst, and Andreessen Horowitz.
Broad Participant List and Previous Round
According to the company's statement, the round also included ADP Ventures, Paychex, Eli Lilly and Company, Scale Venture Partners, QuantumLight, SemperVirens, Quiet Capital, and Avid Ventures. It is worth noting that the startup secured $40 million in a Series B round at a $410 million valuation approximately 17 months ago.
Personalized Solutions Offered by Thatch
Founded in 2021 by Chris Ellis and Adam Stevenson, Thatch focuses on personalizing the health insurance that companies offer their employees. On the platform, employers allocate a specific health budget for each employee, and workers can use this budget to choose a plan that suits their own needs.
Filtering Features and Thatch Card Usage
The Thatch platform offers the ability to filter insurance options by doctor, hospital, and prescription drugs. After purchasing insurance, employees can use the remaining amount in their budget via the Thatch Card for eligible healthcare expenses such as prescription drugs, copays, therapy, and GLP-1 medications.
Growth Figures and Sector Trends
According to data shared by the company, Thatch’s revenue has increased nearly sevenfold over the past year, and the number of employers using the platform has surpassed 5,000. As rising healthcare costs in the US drive employers to seek alternatives to traditional group insurance, Thatch aims to popularize this model.