US-based health insurance provider and payment technology developer Sidecar Health secured $20m on Thursday in a round featuring Comcast Ventures, the corporate venturing arm of media group Comcast.
Cathay Innovation, the venture capital arm of private equity firm Cathay Capital, led the round, which also featured GreatPoint Ventures, Morpheus Ventures, Kauffman Fellows and private investor Anne Wojcicki.
Sidecar Health provides health insurance plans that let the customer pay directly for 170,000 medical services and drugs from any licensed healthcare provider using a Visa payment card as opposed to submitting a claim for the insurer to reimburse.
Customers verify each purchase by uploading a photograph of their bill through Sidecar’s mobile app, which can also compare the provider’s quote to average market rates.
Sidecar Health will use the funding to bolster headcount as it looks to enter several markets beyond the 11 US states in which it already operates before the end of 2020.
The company said it has now raised $40m in funding since it was founded in 2018. It received $18m in an August 2019 round co-led by GreatPoint Ventures and Morpheus Ventures.