Catch, a portable benefits platform for independent workers, has scored $12m in its Series A round, which was led by Crosslink Capital.
Contributions also came from existing Catch backers Khosla Ventures, Kindred Ventures, Nyca Partners and Urban Innovation Funds.
This equity injection will help Catch fuel its newly launched partnership programme. Funds will also support product development, expand their independent disability insurance lines and bolster its automated health savings account.
Catch is aimed at providing gig workers, creators and freelancers with access to benefits like health insurance and retirement, which are typically offered to full-time employees.
Its app enables companies to provide their independent workers with tax withholding, individual retirement accounts and health insurance.
The FinTech company previously raised $8m in its seed round from Y-Combinator back in 2019. Catch claims the investment helped it become the only startup to offer banking services, investment accounts, advisory services and national health insurance brokerage for individual plans.
Catch founder and CTO and CPO Andrew Ambrosino stated that by combining these services, people can ensure their financial health is stable through all big moments in life, such as changing jobs or having a baby, which can impact taxes and insurance.
Having a baby and how it changes people’s living is something the co-founders know about. Co-founders Ambrosino and Kristen Anderson, who also serves as Catch CEO, had their first child just days after the close of their Series A.
Anderson said, “As the next generation workforce run full speed at the opportunity to be creators and independents, we have to modernize the infrastructure to provide benefits.
£ No matter how you work, you should have easy access to high quality tools to take care of your taxes, retirement, and health insurance.”
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