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Employers have traditionally provided benefits such as health insurance and retirement plans to full-time employees. Catch is making the same benefits available to everyone with the advent of new ways to work via gig, creator, and freelancing platforms.
FREMONT, CA: Catch, the first and only portable benefits platform for independent workers, has declared a $12M Series A round led by Crosslink Capital, with participation from existing investors Khosla Ventures, Kindred Ventures, Nyca Partners, and Urban Innovation Fund. The investment will help to accelerate the implementation of a recently announced collaboration program and product development, allowing them to expand their products into independent disability insurance and the first intelligently automated health savings account (HSA).
Employers have traditionally provided benefits such as health insurance and retirement plans to full-time employees. Catch is making the same benefits available to everyone with the advent of new ways to work via gig, creator, and freelancing platforms.
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Unlike existing benefit companies that sell insurance and investment plans to businesses, Catch offers tax withholding, individual retirement accounts, as well as health insurance to people who do not receive benefits, either because they do not qualify or because they work independently, as nearly 60 million Americans do.
In 2019, the Y-Combinator firm raised a $8 million seed round to become the first startup capable of providing banking services, investment accounts, and consulting services, as well as a national health insurance brokerage for individual plans. These unique capabilities allow Catch to, "make everything work together for the first time," says founder and CTO/CPO Andrew Ambrosino. "Life events, like having a baby, changing jobs, or moving can affect your taxes and insurance. Catch takes care of those changes automatically."
Having a child is something Ambrosino and his co-founder and Catch CEO Kristen Anderson are familiar with. Only a few days after the company's Series A closed, the couple welcomed their first child.
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