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January 27, 2021

Insurtech Sidecar Health joins unicorn club with $125m Series C financing

By Verdict Staff

US-based health insurtech Sidecar Health has raised $125m through its Series C funding round, bringing its valuation to $1bn.

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Led by Drive Capital, the round involved the participation of new investors BOND, Tiger Global and Menlo Ventures in addition to existing investors Cathay Innovation and GreatPoint Ventures.

Since its inception in 2018, Sidecar Health has raised over $175m.

The company employs a ‘cash price’ model that allows members to pay lower ‘self-pay’ or ‘cash’ prices to their healthcare providers rather than the higher rates negotiated by insurance companies.

It will utilise the new capital to further accelerate its growth by expanding its geographic presence and growing its team.

The firm also plans to invest in new insurance products using the fresh funds.

Additionally, the financing will fund the roll out of a new Affordable Care Act offering for federal and state exchanges in 2022.

It will be followed by a product for the self-funded employer market, the company said.

Sidecar Health co-founder and CEO Patrick Quigley said: “The plans we designed give Sidecar Health members two things: the money they need to purchase care and the information to make decisions that are right for them.

“By doing so, we are turning patients into purchasers of healthcare. This latest funding accelerates us on our mission to make healthcare more affordable and accessible for all Americans.”

Sidecar, which currently operates in 16 US states, is said to provide customers lower monthly premiums and the option to see any doctor.

The company’s proprietary app and payment technology enables members to see their benefit amounts for over 170,000 medical services and prescription drugs.

BOND general partner Noah Knauf said: “Sidecar Health is the biggest idea I have seen in almost two decades of investing in healthcare.

“We are strong believers in their product which brings unprecedented value, simplicity, transparency and choice to consumers.”

Drive Capital partner Molly Bonakdarpour added: “The extraordinary level of transparency Sidecar Health brings to the marketplace has the potential to fundamentally change how millions of Americans shop for healthcare.

“We think Sidecar Health’s team of consumer, technology and healthcare veterans is well positioned to capitalise on the large healthcare insurtech opportunity.”

Last July, Sidecar Health raised $20m to support its expansion into new geographies and increase its staff headcount.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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