Thatch Raises $108M Series C at $1B Valuation

Thatch, a health benefits platform based in the United States, has raised $108 million in a Series C funding round, pushing the company to a $1 billion valuation. Thatch provides a platform that enables employers to offer health budgets rather than selecting traditional group insurance plans for their employees.

Investors

The funding round included participation from The General Partnership, Index Ventures, Scale Venture Partners, General Catalyst, Andreessen Horowitz, Avid Ventures, Quiet Capital, SemperVirens, QuantumLight, Eli Lilly and Company, ADP Ventures, and Paychex.

Thatch Use of Funds

Thatch intends to use the capital to accelerate its product development, specifically focusing on building better tools to help members navigate healthcare, deepening partnerships with insurance carriers, expanding payroll integrations, and improving the overall experience for its employer clients.

About Thatch

Founded in 2021 by Chris Ellis and Adam Stevenson, Thatch provides a platform that helps companies transition from traditional health insurance models to health budgets, giving employees more control over their personal healthcare choices. Through its Individual Coverage Health Reimbursement Arrangement (ICHRA)-based approach, employees can use employer-provided healthcare dollars to select health, dental, and vision coverage that fits their individual needs.

Funding Details

Company Website: https://thatch.com

Company: Thatch
Raised: $108M
Round: Series C
Funding Date: September 15, 2026
Additional Investors: The General Partnership, Index Ventures, Scale Venture Partners, General Catalyst, Andreessen Horowitz, Avid Ventures, Quiet Capital, SemperVirens, QuantumLight, Eli Lilly and Company, ADP Ventures, Paychex
Software Category: Healthtech
Source: https://thatch.com/blog/thatch-series-c-announcement