# Thatch

> Thatch is a San Francisco health benefits platform that lets employers give workers a tax-free monthly healthcare budget instead of a one-size-fits-all group plan. Employees shop a marketplace for their own medical, dental and vision coverage, then spend any leftover budget on care through a Thatch debit card. Built around ICHRA - a 2020-era IRS rule - the company aims to unbundle health insurance from a single employer plan and hand the choice back to individuals. Since launching in 2023 it has served more than 1,000 businesses and raised about $84.5 million across seed, Series A and Series B rounds.

- **Founded:** 2021
- **Headquarters:** San Francisco, United States
- **Founders:** Chris Ellis (Co-founder & CEO), Adam Stevenson (Co-founder & President)
- **Team size:** ~72 employees
- **Products:** ICHRA Health Benefits Platform, Insurance Marketplace, Thatch Card, Thatch API
- **Notable:** Raised approximately $84.5M in equity funding since its 2021 founding, Served more than 1,000 businesses since launching in 2023, Ranked #5 on CB Insights' 2025 list of the 50 Most Innovative Insurtech Startups

## Products & services

- **ICHRA Health Benefits Platform** — Lets employers give employees a tax-free monthly healthcare budget (an Individual Coverage Health Reimbursement Arrangement) instead of a fixed group plan.
- **Insurance Marketplace** — A shopping experience where employees compare and choose their own medical, dental and vision plans, with AI-assisted guidance.
- **Thatch Card** — A debit card that lets employees spend leftover budget on qualified healthcare expenses like copays, prescriptions and treatments.
- **Thatch API** — An embeddable API that lets payroll, HRIS and partner platforms build ICHRA benefits directly into their own products.

## Achievements

- Raised approximately $84.5M in equity funding since its 2021 founding
- Served more than 1,000 businesses since launching in 2023
- Ranked #5 on CB Insights' 2025 list of the 50 Most Innovative Insurtech Startups
- Recruited Gary Daniels, former CEO of UnitedHealthcare's Pacific Northwest division, as Chief Growth Officer
- Embedded ICHRA benefits directly into ADP's payroll platform

## Latest updates

- **2025-04** — Raised $40M Series B led by Index Ventures, with a16z, General Catalyst and ADP Ventures participating.
- **2025-04** — Embedded ICHRA health benefits into ADP's payroll platform.
- **2025-04** — Named #5 on CB Insights' 2025 Most Innovative Insurtech Startups.
- **2025-01** — Welcomed Venteur's customers to consolidate the shared ICHRA benefits mission.

## Links

- Website: https://thatch.com
- LinkedIn: https://www.linkedin.com/company/thatch-com
- Twitter/X: https://twitter.com/thatch_ai

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Profile page: https://yespress.io/thatch
Published by YesPress — https://yespress.io
Last updated: 2026-06-11