Health InsurTech Sidecar Health has collected $20m in its new funding round, as it looks to reach its goal of helping the US save $1trn in healthcare costs.
The round was led by Cathay Innovation, with participation also coming from first time Sidecar Health backers Comcast Ventures, Kauffman Fellows and 23andMe co-founder and CEO Anne Wojcicki.
Previous Sidecar Health backers also joined the round, including GreatPoint Ventures and Morpheus Ventures.
Funds from the round will be used to further the company’s international growth plans and expand its team. Sidecar is currently available in 11 US states, but expects to reach more by the end of the year.
The InsurTech offers a different approach to health insurance where members can take advantage of discounts by paying for care directly. It works by choosing how much the insurer will pay for prescriptions, with the ability to choose a lower annual maximum coverage if there is not expected to be a lot of coverage needed.
Members also have the ability to meet any licensed healthcare provider they wish to.
Cathay Innovation investment director Alexandre Lazarow said, “We are delighted to join the Sidecar Health team on their mission to make health insurance more affordable and accessible in the S.
“The company is reinventing healthcare insurance plans for individuals and businesses by fixing both the incentives and the lack of price transparency that have plagued the U.S. healthcare system. With Sidecar Health’s unique technology and real-price data, people have access to the cost and coverage information needed to make health care decisions that has been missing from all health care transactions until now.”
With the close of the round, the company has bagged a total of $40m.
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