Thatch

Thatch is an all-in-one platform that makes it easy to offer your employees the most personalized healthcare experience.

[Thatch @thatch_ai]

Thatch raises $108M Series C, becomes the only unicorn in the individual health benefits space.

[Chris Ellis @chrisellisdc]

We’ve raised nearly $200M from top VCs. Here are 10 lessons on taking VC funding I learned the hard way:

1. Friends, family, startup - pick two.

2. 99% of VC advice boils down to “have you thought about growing faster?���

3. More money cannot fix a lack of focus.

4. Your vision gets meetings, but FOMO gets term sheets.

5. Picking an investor is like picking a spouse. Don’t get married after one date.

6. Raise more than you need, and spend like you’ll never raise again.

7. Investors pass on generational companies every day. Don’t take it personally.

8. Never forget: your valuation is not your value.

9. Your last round is old news. You’re only as good as your latest quarter.

10. Raising VC is not for everyone, but it was for us. The right investors made all the difference.

[Chris Ellis @chrisellisdc]

Today marks @thatch_ai's 5 year anniversary. 5 years in, here are the 5 lessons I keep coming back to:

1. The right team matters infinitely more than the right idea.

2. Separate your ego from your hypothesis, and you’ll value “getting it right” over “being right.”

3. A great culture is simultaneously intense, reasonable, and kind.

4. A powerful mission changes you before it changes the world.

5. Integrity is always the correct business decision in the fullness of time.

[Thatch @thatch_ai]

Get recommended the best health insurance plan for you? How novel!

[Matt Adler @mattadler22]

Every group health plan has the same flaw: everyone gets the same plan, whether they're 24 and healthy or managing a chronic condition.

We built personalized budget guidance into how Thatch works. Answer a few questions, get pointed to the plan that fits your life.

[Thatch @thatch_ai]

Manifesto from Thatch.

[Chris Ellis @chrisellisdc]

Last week, we raised $108M to build a healthcare system people love.

Today, we’re sharing why.

We believe people should have more choice in how their healthcare dollars are spent. We call this awakening the Health Consumer. https://t.co/3QdVhiB2EW

[TechCrunch @TechCrunch]

The five-year-old startup raised $108 million from The General Partnership, Index Ventures, General Catalyst, and Andreessen Horowitz.
https://t.co/KcZLZDgqVF

[MTS @MTSlive]

Thatch CEO @chrisellisdc says healthcare has the wrong incentives because your insurer doesn’t have to win your business, your employer already chose it for you:

"The problem is there's no penalty for denying a claim. If you're working at a company that offers a health plan and your claim gets denied, who are you petitioning to? You don't get to change the insurance. It's decided for you by your employer."

"In a world where consumers choose and you have an experience, whether it's customer service, a claim denial, or another issue, if you have an experience that's really bad, you could just switch. You're no longer locked into a single carrier."

"It's that ability to switch and an ability for the consumer to express their preference in an open market that is what ultimately changes the shape of supply in that market."

"Our long-term vision is to reorder the incentives around making consumers happy. When people make consumers happy, carriers, pharma firms, everybody will make more money, and it will be a win-win for everyone."
@thatch_ai

[Thatch @thatch_ai]

Healthcare costs keep rising and employees want access to treatments like GLP-1s, which is exactly why Thatch is experiencing 7x YoY growth: the shift to consumer-directed health has reached its inflection point.

[TechCrunch @TechCrunch]

The five-year-old startup raised $108 million from The General Partnership, Index Ventures, General Catalyst, and Andreessen Horowitz.
https://t.co/KcZLZDgqVF

[Thatch @thatch_ai]

@altovisuals Thank you @altovisuals team! It was a dream to work with all of you. Thank you for bringing our vision to life in such a humorous endearing way. We're ready to work on the next one with you!

[General Catalyst @generalcatalyst]

"There is no Apple of healthcare. There is no Airbnb of healthcare."

We believe every major consumer market has been rebuilt around the individual except healthcare. Congratulations to @thatch_ai on their $108M Series C to create a healthcare system people love. Thatch gives employees a health budget from their employer to buy whatever plan fits their life.

We’re proud to triple down on our partnership with @chrisellisdc, Adam Stevenson, and the team.

Watch Alex Tran in conversation with Chris and Adam.

Chapters
00:00 — How a WWII Wage Freeze Built America's Healthcare System
05:35 — Losing Parents to Cancer and Starting Thatch
09:07 — Inside the Thatch Product
14:38 — Why the Hardest Healthcare Problems Are Fintech Problems
20:49 — AI That Calls Your Doctor to Confirm It's In Network
25:55 — Unbundling Healthcare From Employment
31:32 — Lessons From Switzerland and Singapore

[Thatch @thatch_ai]

@chrisellisdc @thegp @IndexVentures @generalcatalyst @a16z Best launch video ever.

[Chris Ellis @chrisellisdc]

Today, we're announcing @thatch_ai raised a $108M Series C at a $1B valuation from @thegp, @IndexVentures, @generalcatalyst, @a16z.

The idea we're betting on: healthcare serves whoever controls the dollar. For 80 years that's been the employer. We think it should be you.

Employers typically choose one health plan for everyone. We think there's a better model: give people a health budget and let them choose the insurance and care that fits their life. That is the idea behind Thatch.

ARR has grown nearly 7x in the last twelve months, and more than 5,000 employers now use Thatch. None of this happens without our team, or without the employers who believe that their people know what their families need better than they ever could.

We're building a healthcare system people love by changing how we fund it.

[Thatch @thatch_ai]

We had some real fun recording this with our friends at @a16zBioHealth

Give it a listen in the link below! 👇

[a16z Bio + Health @a16zBioHealth]

How can employers offer more personalized and flexible health benefits?

Chris Ellis and Adam Stevenson, cofounders of @thatch_ai, recently joined a16z’s @julesyoo and @JayRughani to discuss how they help employers offer tax-free dollars to employees through ICHRA (Individual Coverage Health Reimbursement Arrangement) allowing employees to choose their own health insurance instead of being restricted to a traditional group plan.

Listen on Raising Health: https://t.co/EzPKdv3YqW

[Jason Scharf @Jason_A_Scharf]

💡Insights from Local Builders and Innovators
@TaylorCapito of @GenRait_Inc joined Austin Tech Connect with @thomsinger, discussing tech impacting humanity, innovation, Star Trek, and even Flubber.

Listen here: https://t.co/WVoTlcemBv

@thatch_ai co-founders Chris Ellis and Adam Stevenson discussed consumer-driven health insurance on @a16zBioHealth's Raising Health podcast. The long term potential is "more flexible, localized plans, with individuals choosing the add-ons that work best for them at that moment in their lives.”

Listen here: https://t.co/7TvLkI3Qes

[Thatch @thatch_ai]

Looking to offer great health benefits at a lower cost? let's chat! https://t.co/vjfrC4eUeB

[Thatch @thatch_ai]

Thrilled to announce our $38M Series A led by @generalcatalyst and @IndexVentures , with participation from @a16z , @AvidVc, and @thegp!

[Thatch @thatch_ai]

We're building a brighter future for the U.S. healthcare system, where employers can provide better health benefits for less money, and employees can keep the same great benefits from job to job.

Read the full announcement here: https://t.co/4wMOnlrvo4

[Thatch @thatch_ai]

At Thatch, we work closely with our customers as their companies grow. If you're close to reaching the 50 full-time employee mark and need support to re-think your #healthbenefits strategy, let's chat! https://t.co/vjfrC4fs49

[Thatch @thatch_ai]

Hitting 50 full-time employees is a significant milestone for any business owner or #startup founder. But did you know that this also brings new responsibilities under the Affordable Care Act (ACA)?

[Thatch @thatch_ai]

𝗦𝗲𝗲𝗸 𝗘𝘅𝗽𝗲𝗿𝘁 𝗛𝗲𝗹𝗽: Partner with benefits providers who specialize in these transitions. Experienced providers can guide you through the process, ensuring you meet all compliance requirements without unnecessary stress.