Company intelligence
As of September 15, 2026, Thatch was last valued at $1B (September 2026 Series C) and has raised at least $108M in equity across 1 sourced funding round.
Thatch is based in San Francisco.[1] ADP Ventures, Paychex, Eli Lilly and Company and Scale Venture Partners also participated.[2] Thatch runs a health benefits platform that lets employers fund employees' own individual insurance plans through an Individual Coverage Health Reimbursement Arrangement, or ICHRA, instead of one company-wide group plan.[3]
Employers set a health benefits budget, and employees use those tax-free dollars to pick an individual plan and pay for eligible expenses such as GLP-1 drugs and therapy.[4] The company says revenue grew nearly sevenfold over the past year and that more than 5,000 employers use the platform.[4] In April 2026 Thatch agreed with ICHRA administration platform Venteur to move Venteur's employers, employees and brokers onto Thatch's platform.[1],[2]
Thatch runs an individual health benefits marketplace for employers and raised $108 million at a $1 billion valuation in September 2026.
Thatch runs a health benefits platform that lets employers fund their employees' own individual insurance plans instead of enrolling everyone in one company-wide group plan. It does this through an Individual Coverage Health Reimbursement Arrangement, or ICHRA, a model TechCrunch says was created by federal regulation in 2020.[1]
Thatch asks employers to set a defined health benefits budget, and employees use those tax-free dollars to choose an individual plan that fits their doctors, prescriptions, family situation and preferred type of coverage. TechCrunch says employees pick among dozens of health, dental and vision plans on Thatch's marketplace, and that Thatch uses AI to recommend a plan for each employee's needs.[2],[1]
Thatch lets employees spend leftover budget on other eligible healthcare expenses. The company's release names GLP-1 drugs and therapy as examples, and TechCrunch adds that leftover funds can be used through a Thatch debit card.[2],[1]
Thatch CEO Chris Ellis told TechCrunch that employees who dislike their insurance can switch to another plan, which he said puts pressure on insurers to compete for better service. He also said employers no longer have to renegotiate with carriers annually while still providing the same level of coverage, often at a slightly lower cost.[1]
Thatch was co-founded in 2021 by Chris Ellis and Adam Stevenson, a former Stripe engineering executive, according to TechCrunch. Pulse 2.0 describes Thatch as a San Francisco-based company.[1],[3]
Thatch said in September 2024 that it had helped hundreds of companies improve their healthcare coverage since launching the year before. Pulse 2.0 reported at the time that its customers ranged from AI startups and small businesses to nonprofits and large enterprises.[4],[3]
Thatch announced an agreement with ICHRA administration platform Venteur on April 1, 2026. Under it, the employers, employees and brokers Venteur serves will transition to Thatch's platform, and Venteur co-founder and CEO Stacy Edgar said in the release that in Thatch the company had found a partner that shares its core DNA.[5]
Thatch announced a $38 million Series A in September 2024. The round was led by Index Ventures and General Catalyst, with new investors SemperVirens and The General Partnership, and participation from existing investors including Andreessen Horowitz and Avid Ventures.[4]
TechCrunch reported that the September 2026 raise came 17 months after Thatch raised a $40 million Series B. TechCrunch cites PitchBook for the Series B valuation, and this profile does not repeat that figure because Thatch has not disclosed it.[1]
Thatch raised $108 million at a $1 billion valuation on September 15, 2026, TechCrunch reported. The money came from existing investors The General Partnership, Index Ventures, General Catalyst and Andreessen Horowitz.[1],[2]
Thatch's September 2026 round also drew participation from ADP Ventures, Paychex, Eli Lilly and Company, Scale Venture Partners, QuantumLight, SemperVirens, Quiet Capital and Avid Ventures. The company's release calls the raise new funding and does not label it with a series name.[2],[3]
Thatch said revenue grew nearly seven-fold over the past year, and CEO Chris Ellis told TechCrunch that annual recurring revenue grew about seven times. Thatch has not disclosed a dollar figure for revenue or recurring revenue, and no total funding figure appears in the sources reviewed.[2],[1]
Thatch is led by co-founder and chief executive Chris Ellis, who is quoted as CEO in the company's September 2026 release. Adam Stevenson is president and co-founder of Thatch, according to the April 2026 Venteur announcement, and TechCrunch describes him as a former Stripe engineering executive.[2],[5],[1]
Thatch said more than 5,000 employers use its platform, as of its September 2026 release. The company describes its customers as employers moving from traditional group health plans to a consumer-directed model.[2],[3]
Thatch lists distribution partnerships with ADP, Paychex, Gusto and QuickBooks, and says it integrates with major health insurance carriers, payroll providers and benefits platforms. ADP Ventures and Paychex also took part in the September 2026 round.[2]
Thatch competes with other startups built on the same regulation. TechCrunch names Take Command, Remodel Health and Zorro as competitors, and says ICHRAs recently rebranded as CHOICE.[1]
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| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Sep 15, 2026 | Series C | $108M | $1Bpost-money | TechCrunch |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
In September 2024 Thatch raised a $38 million Series A led by Index Ventures and General Catalyst, and it later raised a $40 million Series B.[5],[3] On September 15, 2026, Thatch raised $108 million at a $1 billion valuation from existing investors The General Partnership, Index Ventures, General Catalyst and Andreessen Horowitz, TechCrunch reported.[3],[2]
Value Add Pulse tallied the capital raised across three separate September 15 announcements -- Profound, Thatch and Rocket Lab's Iridium financing -- against the prior week's eleven largest US venture rounds.
Thatch, an ICHRA marketplace that lets employers fund individual health plans instead of one group policy, raised a $108 million Series C at a $1 billion valuation as revenue grew nearly sevenfold over the past year.
On September 15, 2026, Thatch raised $108 million at a $1 billion valuation from existing investors The General Partnership, Index Ventures, General Catalyst and Andreessen Horowitz, TechCrunch reported.[3],[2]
In September 2024 Thatch raised a $38 million Series A led by Index Ventures and General Catalyst, and it later raised a $40 million Series B.[5],[3]
Thatch is based in San Francisco.[1]
Thatch runs a health benefits platform that lets employers fund employees' own individual insurance plans through an Individual Coverage Health Reimbursement Arrangement, or ICHRA, instead of one company-wide group plan.[3]
Lead investors in Thatch's sourced funding rounds include General Catalyst and Index Ventures. Per round: its September 2026 Series C was led by General Catalyst and Index Ventures.
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.