Sidecar Health raises $165 million
Health insurance company Sidecar Health has closed $165 million in Series D financing. The round, which represents the largest private investment in employer health benefits this year, was led by Koch Disruptive Technologies. They were joined by new and existing investors, including GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Duke University, Menlo Ventures, and Morpheus.
“U.S. healthcare costs are soaring towards $5 trillion annually, yet our experiences and medical outcomes are not improving. The antiquated U.S. health insurance system is one of the main culprits in creating bottlenecks and hurdles to quality care. Sidecar Health is transforming the system with a model that offers a first-of-its-kind free market approach to healthcare that puts the consumer, not the insurance company in control of their care decisions with never-before-seen tools and transparency paired with fewer restrictions. We look forward to working with Sidecar Health to accelerate commercial expansion in 2024 and beyond.” – David Mauney, Managing Director of Koch Disruptive Technologies.
“As the first Sidecar Health institutional investor, we are deeply supportive of how the company has fundamentally redesigned health insurance. Sidecar Health represents the most important structural innovation in decades in the biggest industry in America. They have developed the only solution we have seen to make care more affordable in an industry responsible for nearly 70% of all U.S. personal bankruptcies. We are also extremely proud to have brought a major state employee pension fund – and one of the largest purchasers of health insurance outside of the federal government – to the table with a significant investment in Sidecar Health through GreatPoint. This demonstrates the wide support of the company’s mission and the impact of the Sidecar Health model.” – Andrew Perlman, Managing Director at GreatPoint Ventures.
“Sidecar Health empowers consumers to make informed decisions about their healthcare spending. Their flexibility, combined with upfront knowledge of costs and the freedom to choose any licensed provider, allows our employees to choose healthcare providers similarly to how they would decide to purchase any other service or personal item. This transparency and control over costs enable us to maintain affordable coverage while also benefiting from the potential savings realized from informed choices.” – Kendy Troiano, Human Resources Director at Clark Grave Vault, a Sidecar Health customer.
