Health insurance disruptor Sidecar Health secures $165m in Series D round

Sidecar Health, a transformative health insurance company providing major medical coverage to businesses, announced today the closure of $165m in Series D financing.

Source: Fintech Global

The funding round, which is the largest private investment in employer health benefits this year, was led by Koch Disruptive Technologies. Other participants included GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Duke University, Menlo Ventures, and Morpheus.

Sidecar Health aims to revolutionise the health insurance industry by offering a free-market approach that prioritises consumer control over care decisions. The company’s model provides transparency and flexibility, eliminating the need for prior authorisations and restrictive formularies, thus promoting accessible and affordable healthcare.

David Mauney, managing director of Koch Disruptive Technologies, stated, “U.S. healthcare costs are soaring towards $5 trillion annually, yet our experiences and medical outcomes are not improving. The antiquated U.S. health insurance system is one of the main culprits in creating bottlenecks and hurdles to quality care. Sidecar Health is transforming the system with a model that offers a first-of-its-kind free market approach to healthcare that puts the consumer, not the insurance company, in control of their care decisions with never-before-seen tools and transparency paired with fewer restrictions. We look forward to working with Sidecar Health to accelerate commercial expansion in 2024 and beyond.”

Sidecar Health’s innovative approach addresses critical healthcare needs by providing major medical coverage without the typical network-based restrictions. This model ensures members can choose any licensed medical provider, enhancing transparency and control over healthcare costs.

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