Known for price transparency and direct-payment insurance, Sidecar Health startup has announced a $125 million Series C round led by Drive Capital. It achieved the unicorn status with the entry of new investors BOND, Tiger Global and Menlo Ventures. Prior backers Cathay Innovations and GreatPoint Ventures also pitched in. Sidecar reached its $1 billion valuation in a short span. The jump is substantial in size compared to its $20 million round back in July and $18 million raise in 2019. The company is set to expand geographically with new fundings.
- This startup is most famous among its users for customizing the amount of annual healthcare coverage they would like, including prescription coverage. Its self-pay service rates offer members to use a built-in price comparison while choosing services from local providers. Facility of payment directly at the point of service using a Sidecar Health Visa card tied to each account is among its best features.
- The company now eyes new products in the near future, including an Affordable Care Act offer. Another upcoming product will target the self-funded employer market.
- “The plans we designed give Sidecar Health members two things: the money they need to purchase care and the information to make decisions that are right for them,” Patrick Quigley, co-founder and CEO of Sidecar Health, said in a statement. “By doing so, we are turning patients into purchasers of healthcare. This latest funding accelerates us on our mission to make healthcare more affordable and accessible for all Americans.”
- “The extraordinary level of transparency Sidecar Health brings to the marketplace has the potential to fundamentally change how millions of Americans shop for healthcare,” Molly Bonakdarpour, a partner at Drive Capital, said in a statement. “We think Sidecar Health’s team of consumer, technology and healthcare veterans is well-positioned to capitalize on the large healthcare insurtech opportunity.”