Thatch, the health benefits platform helping employers move from traditional group health plans to a consumer-directed model, today announced that it has raised $108 million in new funding at a $1 billion valuation from The General Partnership, Index Ventures, General Catalyst, and Andreessen Horowitz, with participation from ADP Ventures, Paychex, Eli Lilly and Company, Scale Venture Partners, QuantumLight, SemperVirens, Quiet Capital, and Avid Ventures.

Thatch is the health benefits platform that replaces one-size-fits-all group plans with individual health budgets. Instead of picking a single plan for everyone, companies give employees a tax-free budget to buy their own medical plan and pay for the health services they actually use. More than 5,000 employers use Thatch today.