Thatch
Health benefits platform giving employees flexible personalized healthcare choices.
- Founded
- 2021
- Headquarters
- San Francisco, CA
- Employees
- 51-200
- Latest Round
- Series B
- Est. Valuation
- ~$400M
Investment Thesis
Thatch modernizes how companies provide healthcare. Instead of one-size-fits-all group plans, employers set individual budgets and employees choose their own coverage. Over a thousand companies onboarded with 8x YoY revenue growth.
Raised $84.5M total including a $40M Series B led by Index Ventures with a16z and General Catalyst.
155M Americans are locked into rigid employer group health plans that cost 22% more over five years while offering zero individual choice, portability, or transparency.
Employers set a tax-free budget via ICHRA; employees pick their own health, dental, and vision plans through Thatch's marketplace with AI-powered plan guidance and a benefits debit card.
ACA matured the individual market with competitive pricing, Congress is codifying ICHRA with tax credits, and 6.7% annual cost hikes are pushing employers to find alternatives.
1,000+ companies onboarded, 8x year-over-year revenue growth on pace to 4x again, ADP integration reaching 900K small businesses, and absorbed Venteur's entire customer base.
Chris Ellis (CEO, MIT cancer researcher turned founder, ex-Sophia Genetics/Agilent) and Adam Stevenson (CTO, 7 years at Stripe, 4 years at Humana) plus ex-UnitedHealthcare CEO as CGO.