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- Thatch
Thatch Valuation, Funding & Investors
Thatch is valued at $1B as of September 2026.
Last Thatch valuation
$1B
Series C · Sep 2026
Last Thatch funding round
$108M
Series C · Sep 2026
Cumulative funding Thatch raised
$192M
across 5 funding rounds
Key investors in Thatch
Andreessen Horowitz
General Catalyst
Index Ventures
SemperVirens Venture Capital
The General Partnership
Quiet Capital
About Thatch
Thatch is a health benefits administration platform equipping employers with AI-driven tools for employee healthcare management. The San Francisco-headquartered service features ThatchBot, a 24/7 chatbot handling claims, provider searches, and expense reimbursements. Companies set personalized health budgets per employee, integrating with carriers like UnitedHealthcare and Blue Cross. Thatch processes benefits for mid-sized firms, streamlining navigation of HSAs, FSAs, and telehealth services.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (Sep 2026)
Thatch Valuation
Thatch is currently valued at $1B, based on its Series C in September 2026.
The $108M round included General Catalyst, Index Ventures, Paychex, Avid Ventures, Scale Venture Partners and 7 other investors.
Thatch's valuation has grown 8.8x from $114M at its Series B in April 2025 to $1B in September 2026, across 2 priced rounds.
Thatch valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2026 | Series C | $1B |
| Apr 2025 | Series B | $114M |
Thatch Funding History
Thatch has raised a total of $192M across 5 funding rounds.
Thatch's first fundraising round was a $400K pre-seed round in February 2023. The most recent completed round was a $108M Series C in September 2026.
Thatch funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series C | General Catalyst; Index Ventures; Paychex; Avid Ventures; Scale Venture Partners; Andreessen Horowitz; Eli Lilly; The General Partnership; QuantumLight; ADP Ventures; Quiet Capital; SemperVirens Venture Capital | $108M | $1B | Thatch raised $108 million in a Series C financing in September 2026 at a $1 billion valuation, with The General Partnership, Index Ventures, General Catalyst and Andreessen Horowitz leading the round and ADP Ventures, Paychex, Eli Lilly and Company, Scale Venture Partners, QuantumLight, SemperVirens, Quiet Capital and Avid Ventures participating. The financing was structured as a growth equity round rather than an acquisition, and the company said the capital would be used to build the infrastructure behind individual health coverage at scale. Thatch is a health benefits platform that helps employers move from traditional group health plans to a consumer-directed model for individual coverage, and it said the latest funding followed a period of rapid revenue growth, with annual recurring revenue increasing nearly sevenfold over the prior year. The company had previously raised a Series B in 2025, and the 2026 round brought total disclosed equity funding to about $192.5 million. The company operates as an ICHRA marketplace and benefits infrastructure provider for employers seeking lower-cost, more flexible health coverage for workers, with the round bringing in both existing backers and strategic investors from the health and payroll ecosystem. The announcement positioned the financing as support for scaling product and operational infrastructure rather than a change of control transaction. |
| Apr 2025 | Series B | Index Ventures (lead); General Catalyst; PeopleTech Partners; Andreessen Horowitz; The General Partnership; ADP Ventures; SemperVirens Venture Capital | $40M | $114M | Thatch is a San Francisco-based HealthTech startup founded in 2021 that provides Individual Coverage Health Reimbursement Arrangements (ICHRA), enabling employers to offer personalized, tax-free healthcare budgets for employees to select health, dental, vision insurance, and other expenses. The platform integrates with major insurance carriers, payroll systems like QuickBooks and ADP, and HRIS, featuring AI for receipt matching, compliance, and plan recommendations, plus APIs for embedding ICHRA in partner products. Since its 2023 launch, Thatch has onboarded over 1,000 businesses, including Dave’s Hot Chicken, Jersey Mike’s, and Fragment.dev, positioning it to modernize employer-sponsored benefits amid ICHRA's availability since 2020. On April 3-7, 2025, Thatch raised $40 million in a Series B round led by Index Ventures, with participation from Andreessen Horowitz, General Catalyst, ADP Ventures, SemperVirens Venture Capital, PeopleTech Partners, and The General Partnership. This brought total equity funding to $84.5 million, following a $38 million Series A in February 2024 led by General Catalyst and Index Ventures, and over $6 million in pre-seed/seed rounds in 2023. Funds will scale operations, enhance product integrations, expand the team, increase market awareness, and support growth initiatives. Thatch appointed Gary Daniels, former CEO of UnitedHealthcare’s Pacific Northwest division, as Chief Growth Officer alongside the announcement to leverage his expertise for partnerships and expansion. The startup reported 8x year-over-year growth and partnerships with major brokerages and HRIS systems reaching millions of small businesses. Thatch aims to make healthcare personal, portable, and accessible, transforming benefits selection and payments. |
| Sep 2024 | Series A | General Catalyst (lead); Index Ventures (lead); Avid Ventures; Andreessen Horowitz; The General Partnership; SemperVirens Venture Capital | $38M | - | Thatch is a San Francisco-based health technology platform founded in 2021 that helps employers offer Individual Coverage Health Reimbursement Arrangements (ICHRA) to their employees. The platform enables employers to set a monthly allowance for employees to spend on health benefits of their choice, decoupling health insurance from traditional employer-sponsored group plans. Since its official platform launch in late 2023, Thatch has worked with hundreds of employers ranging from AI startups and small businesses to nonprofits and large enterprises with thousands of employees. In February 2024, Thatch announced a $38 million Series A funding round led by General Catalyst and Index Ventures, with participation from new investors SemperVirens and The General Partnership, as well as existing investors Andreessen Horowitz and Avid Ventures. The company planned to use the capital to expand its team, scale its technology platform, invest in distribution channels with health insurance brokers, and build enrollment integrations with insurance carriers through APIs. The company demonstrated early traction by helping employers achieve 20–30% savings on healthcare costs after switching to the Thatch platform. By the time of the Series A announcement, Thatch reported that price and quality parity had been reached between individual plans on its platform and traditional group plans, with 21.3 million Americans participating in the individual market. The company worked with most major healthcare brokerages and consultants and had developed partnerships with major HRIS systems including QuickBooks. Following the Series A round, Thatch raised an additional $40 million in Series B funding in April 2025 led by Index Ventures, bringing total equity funding to $84.5 million since inception. The Series B valuation was disclosed to be approximately three times the Series A valuation, though the exact figure was not publicly revealed. The company had grown to serving over 1,000 businesses by the time of the Series B announcement and brought on Gary Daniels, formerly CEO of UnitedHealthcare's Pacific Northwest division, as Chief Growth Officer. |
| Feb 2023 | Seed | Andreessen Horowitz (lead); GV (lead); Lux Capital; Not Boring Capital; BrightEdge Fund; Quiet Capital | $6M | - | Thatch launched its healthcare benefits platform on February 15, 2023, announcing over $6 million in total funding across a pre-seed and seed round. The seed round was led by Andreessen Horowitz (a16z) and GV, with participation from Lux Capital, Quiet Capital, Not Boring Capital, and BrightEdge Fund. The platform sits on top of existing health plans to simplify healthcare finances for startups, featuring a tech-enabled Health Savings Account (HSA), a debit card for healthcare expenses, on-demand expert support for billing issues, and a unified dashboard. Thatch targets startups seeking to offer competitive health and wellness benefits efficiently. It addresses HSA pain points like eligibility checks, receipt management, contribution tracking, and tax savings visibility through a text-based interface and automated tools. Investors highlighted Thatch's innovative fintech approach to the U.S. healthcare financial crisis. |
| Feb 2023 | Pre-seed | - | $400K | - | - |
Who has invested in Thatch?
17 investors have backed Thatch across its funding rounds, including Andreessen Horowitz, General Catalyst, Index Ventures, SemperVirens Venture Capital, The General Partnership and Quiet Capital.
Lead investors include Index Ventures, General Catalyst, Andreessen Horowitz and GV.
Thatch Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2023 | ||
| 3 | Lead | Sep 2024 | ||
| 3 | Lead | Sep 2024 | ||
| 3 | Participant | Sep 2024 | ||
| 3 | Participant | Sep 2024 | ||
| 2 | Participant | Sep 2024 | ||
| -- | 2 | Participant | Apr 2025 | |
| 2 | Participant | Feb 2023 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Lead | Feb 2023 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Participant | Feb 2023 | ||
| 1 | Participant | Apr 2025 | ||
This data is available for Pro users. Sign up to see all 17 Thatch investors. Start Free Trial | ||||
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Start Free TrialThatch Competitors
Thatch competitors include listed companies like GoodRx and Hapvida, and private ones like Betterfly, Rightway, PayZen and Curative.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $797M | $173M | $1.2B | 1.8x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $6.1B | $787M | $599M | 0.3x |
Thatch Public Comps
Thatch is still privately-owned, but its public comps include Eurowag, GoodRx, Hapvida, Evolent Health, Value HR, MetropolCard, Personal Group Holdings, Qualicorp, AIX Inc. and Progyny.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $6.1B | $787M | 0.3x | 0.3x | 2.7x | 4.0x | |||
| $1.9B | ($365M) | 0.7x | 0.5x | (3.5x) | 9.4x | |||
| $65M | $9M | 4.4x | 4.1x | 30.9x | - | |||
| $42M | $21M | 4.2x | - | 8.6x | - | |||
| $65M | $16M | 2.2x | 2.1x | 9.2x | 8.0x | |||
| $277M | $124M | 0.9x | 0.9x | 2.0x | 2.6x | |||
This data is available for Pro users. Sign up to see all Thatch competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Thatch
| When was Thatch founded? | Thatch was founded in 2021. |
| Where is Thatch headquartered? | Thatch is headquartered in San Francisco, CA, United States. |
| Is Thatch publicly listed? | No, Thatch is a private, VC-backed company. |
| What is Thatch's valuation? | Thatch was last valued at $1B in its Series C in September 2026. |
| How much funding has Thatch raised? | Thatch has raised $192M across 5 funding rounds. |
| What was Thatch's last funding round? | Thatch's last funding round was a $108M Series C in September 2026. |
| Who are Thatch's investors? | Thatch's investors include Andreessen Horowitz, General Catalyst, Index Ventures, The General Partnership, SemperVirens Venture Capital, Avid Ventures, ADP Ventures, Quiet Capital, Paychex, GV and 7 others. |
| Which companies are comparable to Thatch? | Companies comparable to Thatch include Betterfly, Rightway, GoodRx, PayZen, Curative and Hapvida. |
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