TLDR:

• Sidecar Health, a health insurance disruptor, secures $165m in Series D financing led by Koch Disruptive Technologies.
• The company aims to revolutionize the health insurance industry by offering a free-market approach that prioritizes consumer control over care decisions.

Sidecar Health, a transformative health insurance company providing major medical coverage to businesses, announced it has secured $165m in Series D financing. The funding round, led by Koch Disruptive Technologies, is the largest private investment in employer health benefits this year. Other participants included GreatPoint Ventures, BOND, and Cathay Innovation among others.

Sidecar Health aims to revolutionize the health insurance industry by offering a free-market approach that prioritizes consumer control over care decisions. The company’s model provides transparency and flexibility, eliminating the need for prior authorizations and restrictive formularies, thus promoting accessible and affordable healthcare. The new capital will be utilized to expand Sidecar Health’s employer plans into Florida and support a partnership with Koch Industries to design insurance coverage tailored to jumbo employers.

David Mauney, managing director of Koch Disruptive Technologies, stated, “U.S. healthcare costs are soaring towards $5 trillion annually, yet our experiences and medical outcomes are not improving. The antiquated U.S. health insurance system is one of the main culprits in creating bottlenecks and hurdles to quality care. Sidecar Health is transforming the system with a model that offers a first-of-its-kind free-market approach to healthcare that puts the consumer, not the insurance company, in control of their care decisions with never-before-seen tools and transparency paired with fewer restrictions.”

Sidecar Health has previously raised investment from a diverse group of backers, showcasing wide support for its mission to overhaul the U.S. healthcare system.