San Francisco-based Thatch, a HealthTech company focused on employer-sponsored healthcare solutions, has secured $40m in a Series B funding round.
The investment was led by Index Ventures, with participation from Andreessen Horowitz, General Catalyst, ADP Ventures, SemperVirens, PeopleTech Partners, and The General Partnership, according to InsurTech Insights.
Founded in 2021, Thatch provides tools that help employers offer Individual Coverage Health Reimbursement Arrangements (ICHRA) to their workforce.
Since the official launch of its platform in 2023, the startup has already helped more than 1,000 businesses implement its healthcare solution, positioning itself as a growing force in the HealthTech space.
The company plans to use the new funds to scale its operations, improve its product suite, and broaden its reach across the US market.
The move is part of Thatch’s ambition to reshape how employers approach health benefits by giving workers more personalised options through ICHRA.
In tandem with the funding announcement, Thatch also disclosed a major executive appointment. Gary Daniels, previously CEO of UnitedHealthcare’s Pacific Northwest division, has been named chief growth officer. Daniels’ arrival marks a significant step in the company’s expansion strategy, bringing deep industry knowledge and leadership experience to the team.
Thatch has not disclosed any previous funding rounds in the announcement.
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