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TechCrunch
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Thatch raises $40M to give employees more control of their health care choices
- Thatch, a startup focusing on transforming health insurance for employers and employees, has secured $40 million in Series B funding led by Index Ventures.
- The total equity funding raised by Thatch since October 2021 amounts to $84.5 million.
- Thatch assists employers in offering Individual Coverage Health Reimbursement Arrangement (ICHRA) to employees, allowing them to use funds for individual medical insurance.
- The marketplace provided by Thatch enables employees to choose from various health insurance options and utilize a debit card for remaining balances.
- Thatch offers flexibility for employees to select healthcare plans they prefer, including medical, dental, and vision, with the ability to switch carriers if dissatisfied.
- With ICHRA, Thatch allows customization of health benefits based on employee groups, providing tailored health plan offerings.
- The founders emphasize the need to detach healthcare from employer dependencies and offer tax-free money for healthcare spending based on individual needs.
- Thatch has onboarded over a thousand companies in the last 18 months, with revenue growing 8x year-over-year and partnerships with companies like QuickBooks and ADP in progress.
- Employing individuals with fintech experience, Thatch focuses on solving financial challenges associated with ICHRA, aiming to streamline healthcare benefits.
- Jahanvi Sardana of Index Ventures praises Thatch for revolutionizing benefits through transparent, personalized, and choice-driven healthcare offerings.
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