Other investors include SemperVirens, The General Partnership, Andreessen Horowitz (a16z), and Avid Ventures, bringing the company’s total funding to $44 million.
Founded in 2021 and officially launched in 2023, Thatch’s platform aims to simplify the complexities of the Individual Coverage Health Reimbursement Arrangement (ICHRA) law. The platform allows employers to make tax-free contributions, enabling employees to choose their own health insurance plans.
Thatch’s solution offers budgeting tools, personalized plan selection, tax integration, and pooled buying power, creating a more transparent and cost-effective way for businesses to provide health benefits. The funding will support the company’s continued growth and innovation in the health benefits space.
Chris Ellis, CEO and co-founder of Thatch said: “There’s finally momentum towards a health insurance market that serves real people’s needs. We’re seeing interest from employers, brokers, and certainly employees who all recognise the singular opportunity to get high-quality healthcare at a reasonable, transparent cost. With the support of this funding, we’re ready to scale operations to meet the exploding demand.”
Jahanvi Sardana, Partner at Index Ventures also commented, saying: “Healthcare is the last major financial decision still controlled by employers but, like the shift from pensions to 401(k)s empowered individuals, healthcare is due for the same revolution. Thatch is driving this shift by harnessing free market forces in the individual market and pooling risk across businesses to create collective buying power.”
Sardana added: “From the moment we met Chris and Adam, their deep market insight and compelling vision were unmistakable. Their relentless execution and ability to attract top talent made us confident they’re building a category-defining company.
