Thatch has raised $108 million at a $1 billion valuation from existing investors The General Partnership, Index Ventures, General Catalyst, and Andreessen Horowitz. The financing comes 17 months after the company’s $40 million Series B at a $410 million valuation, according to PitchBook. Co-founder and CEO Chris Ellis said Thatch’s annual recurring revenue grew about seven times. Founded in 2021 by Ellis and former Stripe engineering exec Adam Stevenson, Thatch helps employers manage rising healthcare expenses through an ICHRA (Individual Coverage Health Reimbursement Arrangement), allowing workers to choose individual health, dental, and vision plans rather than enrolling in a single company plan. The model, recently rebranded as CHOICE, also uses AI to recommend plans and lets employees spend unused allowances on eligible expenses such as GLP-1 medications or an Oura Ring. Competitors include Take Command, Remodel Health, and Zorro.