Koch Disruptive Technologies has led a $165 million Series D financing round for insurance startup Sidecar Health. Other participants in the round included Cathay Innovation, GreatPoint Ventures, Morpheus, Drive Capital, Duke University, BOND, and Menlo Ventures. The funding will allow Sidecar Health to expand its services to Florida and continue its mission of providing customizable healthcare coverage to consumers.
Sidecar Health’s app allows members to customize their annual healthcare coverage and select prescription coverage based on their needs. Plans offered by Sidecar have no coinsurance or copays and utilize a built-in price comparison tool to help members select services from local providers at self-pay service rates. While currently only available in Ohio and Georgia, the company plans to use the new funds to bring its services to a wider audience.
David Mauney, managing director of Koch Disruptive Technologies, emphasized the need for transformation in the U.S. healthcare system and praised Sidecar Health’s consumer-focused approach that emphasizes transparency and fewer restrictions. Since its founding, Sidecar Health has experienced impressive growth, raising significant funds in previous financing rounds and achieving unicorn status in 2021 with a valuation exceeding $1 billion. In collaboration with Mark Cuban Cost Plus Drug Company, Sidecar Health is working towards providing its members access to affordable medications.
