Catch Raises $12m Series A To Bring Benefits To The Future Of Work
NEW YORK, July 30, 2021 /PRNewswire/ -- Catch, the first and only portable benefits platform for independent workers, announced today 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 accelerate a newly announced partnership program and product development, expanding their offerings into independent disability insurance and the first intelligently automated health savings account (HSA).
Benefits like health insurance and retirement have historically been provided by employers to full-time workers. With the emergence of new ways to work through gig, creator, and freelance platforms, Catch is making those same benefits available to everyone.
Unlike existing benefits companies who sell insurance and investment plans to businesses, Catch provides tax withholding, individual retirement accounts, and health insurance for people who don't get benefits, either because they don't qualify or because they work independently — as nearly 60M Americans do.
The Y-Combinator startup raised an $8M Seed round in 2019 to become the only startup able to provide banking services, investment accounts and advisory services, and 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 baby is something Ambrosino, and his co-founder and Catch CEO Kristen Anderson, know something about. The pair had their first child only days after closing the company's Series A.
"As the next generation workforce run full speed at the opportunity to be creators and independents, we have to modernize the infrastructure to provide benefits. No matter how you work, you should have easy access to high quality tools to take care of your taxes, retirement, and health insurance," says Anderson. Catch's service, mirroring traditional payroll and benefits from companies like Gusto and Rippling, give those without benefits low-cost health insurance, quarterly tax payments, and automated tax withholding and retirement investment.
The company added that Catch provides payment and payroll companies a new way to serve underserved customers. For employers who don't provide benefits (like many in retail, food & beverage, and beauty), payroll companies can offer direct-to-employee benefits. It's a novel way to grow product reach and begin forming relationships with contractors beyond making payments.
As creator economy startups compete to attract customers and offer compelling services to a growing market, Catch is well-positioned to embed the infrastructure those companies will need to be able to monetize their audiences with complex and regulated financial products.
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