Sidecar Well being, an insurance coverage startup targeted on worth transparency and direct funds for care, introduced it secured $165 million in Sequence D financing.
Koch Disruptive Applied sciences led the spherical, with participation from Cathay Innovation, GreatPoint Ventures, Morpheus, Drive Capital, Duke College, BOND and Menlo Ventures.
The corporate additionally introduced that Koch Industries will present medical insurance coverage protection by way of Sidecar for a section of its workforce in 2025.
Moreover, Sidecar will accomplice with Koch to co-design insurance coverage protection for giant employers.
WHAT IT DOES
Sidecar Well being’s members use the corporate’s app to customise the quantity of annual healthcare protection they want and whether or not they want protection for prescriptions.
The corporate’s plans don’t have any coinsurance or copays. As a result of its method relies on self-pay service charges, members can use a built-in worth comparability to select from the providers of native suppliers.
Sidecar, which at the moment presents employer plans in Ohio and Georgia, will use the funds to increase into Florida.
“The antiquated U.S. medical insurance system is likely one of the essential culprits in creating bottlenecks and hurdles to high quality care,” David Mauney, managing director of Koch Disruptive Applied sciences, mentioned in a press release.
“Sidecar Well being is reworking the system with a mannequin that gives a first-of-its-kind free market method to healthcare that places the buyer, not the insurance coverage firm accountable for their care choices with never-before-seen instruments and transparency paired with fewer restrictions. We sit up for working with Sidecar Well being to speed up business enlargement in 2024 and past.”
MARKET SNAPSHOT
In 2019, Sidecar Well being raised $18 million and a yr later secured $20 million in funding.
In 2021, the corporate reached unicorn standing after closing a $125 million Sequence C spherical, reaching a greater than $1 billion valuation.
In January, Sidecar Well being and Mark Cuban Price Plus Drug Firm partnered to offer Sidecar’s members with entry to low-cost medicines by way of MCCPDC.
