Thatch says it has raised $108 million at a $1 billion valuation to continue expanding its health benefits platform. The company made the announcement in a Sept. 15 press release.
Thatch’s software is designed to help employers shift from traditional group health plans—where employers typically select one plan for their workforce—to a “consumer-directed” approach. In this model, employers allocate health benefits budgets while employees have more flexibility over how to use them.
The outlets also describe strong recent growth. PR Newswire reports that Thatch’s revenue has grown nearly sevenfold over the past year and that more than 5,000 employers are using the platform. Both sources frame the funding round as support for further growth in adoption among employers looking to move away from standard group plan structures. The reporting does not provide details in the provided excerpts about specific investors, deal terms, or how the funds are allocated beyond continued expansion.
