Sidecar Health, an El Segundo, CA-based provider of innovative health care insurance plans, raised $18m in funding.
The round was led by GreatPoint Ventures and Morpheus Ventures.
The company intends to use the funds to continue to expand operations and its business reach starting with the launch in Texas and grow nationally, adding several additional states over the next 12 months.
Led by Chief Executive Officer Patrick Quigley and Veronica Osetinsky, Sidecar Health provides members with health care insurance plans that allow them to customize it to their needs, see any doctor they want without being constrained to a network, and have full transparency into their health costs so they have no surprise bills.
The company enables this by providing its members with a payment card they use to pay for their care when they get it, thereby allowing them to take advantage of discounts for paying upfront. Through the app, members can see how much health care providers in their area charge for services so they can shop around and make the most of their coverage.
Sidecar Health issues insurance plans that are underwritten and backed by global insurers. These insurance companies have ratings of A (Excellent) by AM Best Company.
The company’s advisory board includes health care entrepreneurs:
– Ted Meisel, co-founder of AVIA, and
– Anita Pramoda, a board director for the Federal Reserve Bank of San Francisco (Los Angeles).