Thatch raises $40M to give employees more control of their health care choices

Thatch, a startup that aims to transform the health insurance experience for employers and employees alike, has raised $40 million in a Series B round of funding, it tells TechCrunch exclusively. Index Ventures led the financing, which included participation from existing backers Andreessen Horowitz (a16z), General Catalyst, SemperVirens, PeopleTech Partners, The General Partnership, and new investor ADP Ventures. In total since its October 2021 inception, Thatch has raised $84.5 million in equity funding. While the San Francisco-based startup declined to reveal its new valuation, co-founder Adam Stevenson told TechCrunch that it was about three times higher than its Series A (Thatch raised $35 million in a Series A round led by General Catalyst in February of 2024). Thatch helps employers offer Individual Coverage Health Reimbursement Arrangement (ICHRA) to employees. ICHRA is a relatively new insurance option, in effect as of 2020. So what’s the difference between an ICHRA and HR ... Read full article.