Sidecar Well being, an insurance coverage startup centered on worth transparency and direct funds for care, introduced it secured $165 million in Collection 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 via Sidecar for a section of its workforce in 2025.
Moreover, Sidecar will associate with Koch to co-design insurance coverage protection for big 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 haven’t 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 companies of native suppliers.
Sidecar, which presently affords employer plans in Ohio and Georgia, will use the funds to broaden into Florida.
“The antiquated U.S. medical insurance system is without doubt one of the primary culprits in creating bottlenecks and hurdles to high quality care,” David Mauney, managing director of Koch Disruptive Applied sciences, stated in a press release.
“Sidecar Well being is remodeling the system with a mannequin that provides a first-of-its-kind free market method to healthcare that places the buyer, not the insurance coverage firm accountable for their care selections with never-before-seen instruments and transparency paired with fewer restrictions. We look ahead to 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 Collection C spherical, attaining a greater than $1 billion valuation.
In January, Sidecar Well being and Mark Cuban Value Plus Drug Firm partnered to supply Sidecar’s members with entry to low-cost medicines via MCCPDC.
