Sidecar Health Raises $18 Million to Expand Nationally with Transparent, Consumer-Driven Health Insurance Plans

VCBeat (WeChat ID: vcbeat) recently learned from foreign media that Sidecar Health, based in El Segundo, California, raised $18 million in its latest funding round. The round was led by GreatPoint Ventures and Morpheus Ventures. Sidecar Health is a company offering innovative health insurance plans and intends to use the funds to continue expanding its operations nationwide, starting with Texas.

Led by CEO Patrick Quigley and Co-Founder and Vice President Veronica Osetinsky, Sidecar Health provides members with health insurance plans that can be customized to their individual needs, allowing them to choose any physician without network restrictions and offering full transparency into their medical costs. This ensures that members are not faced with unexpected bills.

Sidecar Health delivers this service by providing its members with a payment card. Members can use the card to pay for their care, enabling them to take advantage of pre-negotiated discounts. Through the company’s app, members can view the fee schedules of healthcare providers in their area, allowing them to compare prices and maximize the value of their insurance coverage.

Sidecar Health notes that its insurance plans are underwritten and supported by multinational insurers, all of which have been rated A (Excellent) by AM Best. Notably, Ted Meisel, co-founder of the healthcare provider Avia, and Anita Pramoda, a board director at the Federal Reserve Bank of San Francisco (Los Angeles Branch), also serve on the company’s advisory board.

GreatPoint Ventures, established in 2015, is a venture capital fund headquartered in San Francisco, California, USA, primarily focusing on early-stage investments in startups.

Morpheus Ventures, established in August 2016, is a venture capital fund headquartered in Los Angeles, California, USA, primarily engaged in early-stage corporate investment and financing.