Introduction
Thatch, a personalized health benefits platform, has secured $38 million in Series A funding. This round was led by Index Ventures and General Catalyst, with participation from new investors SemperVirens and The General Partnership, as well as existing investors like Andreessen Horowitz (a16z) and Avid Ventures. This funding will support Thatch’s mission to separate health insurance from employment.
Understanding Thatch’s Platform
Thatch simplifies the Individual Coverage Health Reimbursement Arrangement (ICHRA) law, enabling employers to provide tax-free dollars for employees to purchase their own health insurance. By merging fintech and health tech, Thatch offers a user-friendly interface for managing healthcare benefits.
Why is This Important?
Traditionally, employers offer health benefits as a retention tool, but this model is outdated in today’s gig economy. Employees change jobs frequently, which disrupts their health plan continuity. Thatch addresses this by offering a flexible solution that benefits both employers and employees.
Impact and Future Plans
Since its launch, Thatch has helped numerous companies across various sectors improve healthcare coverage while reducing costs. The platform’s features include budget setting, personalized plan selection, and cost savings through pooled buying power. With this new funding, Thatch plans to expand its team, scale its technology, and accelerate customer acquisition.
Key Quotes
“There’s finally momentum towards a health insurance market that serves real people’s needs. With the support of this funding, we’re ready to scale operations to meet the exploding demand.” – Chris Ellis, CEO and co-founder of Thatch
“Thatch offers customers a strong value proposition: employees get greater choice and quality on healthcare; employers get more visibility on spend.” – Alex Tran, Managing Director at General Catalyst
“Healthcare is due for the same revolution as the shift from pensions to 401(k)s. Thatch is driving this shift by harnessing free market forces.” – Jahanvi Sardana, Partner at Index Ventures
“Our vision is to create a healthcare system where employees can maintain great benefits from job to job.” – Adam Stevenson, Co-Founder at Thatch
Conclusion
Thatch is poised to become the go-to platform for companies looking to offer top-tier health benefits. With a focus on quality, transparency, and cost, Thatch is redefining the future of health benefits.
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