LOS ANGELES, CA, Health insurtech company Sidecar Health has raised $125 million in its Series C funding round at a valuation of $1 billion.
The company utilizes a "cash price" model that enables members to pay lower "self-pay" or "cash" prices to their healthcare providers rather than the higher rates negotiated by insurance companies. The investment will further accelerate the company's growth as well as fund the launch of a new Affordable Care Act offering for federal and state exchanges. The round was led by Drive Capital and joined by new investors BOND, Tiger Global and Menlo Ventures along with existing investors Cathay Innovation and GreatPoint Ventures. Sidecar Health has raised more than $175 million since its founding in 2018.
Sidecar Health is changing health insurance. Unlike traditional insurance, which sits between the patient and the doctor, members pay for care directly when they receive it using the Sidecar Health Visa card. As a result, members can see any doctor, all coverage is transparent and members save 40% compared to traditional insurance.
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