# Thatch

- Link: https://100xfounder.com/startup/thatch/
- Published: 2024-01-01T00:00:00+05:30
- Author: Ishaan Vardhan

Thatch is a US health benefits platform built around ICHRAs (individual coverage
health reimbursement arrangements), which are now also called CHOICE arrangements.
Instead of buying one group insurance plan for everyone, an employer gives each 
employee a tax-free monthly health budget. Employees use Thatch’s marketplace to
pick an individual insurance plan that suits them, and a Thatch card lets them spend
any money left over on other medical costs. Thatch handles the administration, payroll
integration, premium payments and compliance paperwork. It describes itself as a
financial technology company; its insurance services are provided by Thatch Health
Insurance Services LLC.

TechCrunch reported that Thatch was founded in October 2021 in San Francisco by 
Chris Ellis, its chief executive, and Adam Stevenson, its president. It raised a
$38 million Series A led by General Catalyst, then a $40 million Series B in April
2025 led by Index Ventures, with a16z, General Catalyst, SemperVirens, PeopleTech
Partners, The General Partnership and ADP Ventures. At that point it had 72 employees,
had onboarded more than 1,000 companies in 18 months, and named customers including
Dave’s Hot Chicken and Jersey Mike’s. QuickBooks embeds its ICHRA product.

On 16 September 2026 the law firm Latham & Watkins announced that it had advised
Thatch on a $108 million Series C at a $1 billion post-money valuation, with investors
including The General Partnership, Index Ventures, Scale Venture Partners, General
Catalyst and Andreessen Horowitz.

Thatch publishes its prices. The Standard plan, for employers with 1 to 49 eligible
employees, is $230 a month; the page’s example for four employees is $45 per employee
plus a $50 compliance fee. Larger employers get custom pricing with a 10-enrolled-
employee minimum of $2,400 a year. It is a US-only service.

_This profile is put together from the company’s own pages and published reporting,
checked on 15 October 2026. We have not tested the product, and nothing here is 
paid placement._