Thatch raised a $108 million Series C at a $1 billion valuation announced Sept. 15, a follow-on to its $40 million Series B in April 2025. The company reported revenue grew nearly sevenfold over the past year and now serves more than 5,000 employers on its platform that lets employers set a defined, tax-free budget for employees to choose their own individual coverage. The funds will be used to continue growing its health benefits platform and scale its infrastructure and distribution network that integrates with major health insurance carriers, payroll providers and benefits platforms, in a round that included existing and new investors including Index Ventures.