U.S. insurtech Sidecar Health announced on Thursday it secured $20 million through its recent investment round, which was led by Cathay Innovation with participation from Comcast Ventures and Kauffman Fellows. The company has so far raised $40 million to date.
Founded in 2018, Sidecar Health claims it is changing health insurance by empowering its customers to be in control of their health and spending. The plans offered by Sidecar Health provide coverage for 170,000 medical services and prescription drugs. The company is currently operating in 11 states and expects to be available in several more by year’s end.
“We are a passionate group of people developing a health insurance product that works the way we think health insurance should work.”
While sharing details about the company’s platform, Patrick Quigley, CEO of Sidecar Health, stated:
“By empowering patients to be purchasers of healthcare and re-aligning incentives throughout the system, Sidecar Health members benefit from lower health costs and greater access. As our membership base increases, price transparency and consumer choice push down the average price of health care services for everyone.”
The funding will be used to fuel company growth by expanding to new geographies and growing the Sidecar Health team.
