How Much Did Catch Raise? Funding & Key Investors

Catch has raised funding over 5 rounds, with the latest being a Series A round, and is backed by 21 investors, including Four Cities Capital and Crosslink Capital. The platform offers health insurance, retirement plans, and tax withholding services for freelancers without benefits.

Keep reading to explore the intricacies of Catch's fundraising journey and the investors backing this innovative platform.

What Is Catch?

Catch is a platform that offers health insurance, retirement plans, and tax withholding services for freelancers without benefits. Founded in New York, New York, the company operates in various industries, including apps, employee benefits, financial services, fintech, health insurance, insurance, insurtech, mobile apps, personal finance, and retirement.

With a small team of 1-10 employees, Catch provides a simple, three-step process to help users find and enroll in the best insurance plans for their needs. The service is free to users, as Catch earns commissions from the insurance plans purchased. The company targets a wide range of independent workers, including freelancers, gig workers, and solopreneurs.

How Much Funding Has Catch Raised?

1. Pre-Seed Round
   • Amount Raised: USD 1,000
   • Date: July 2017
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To kickstart the company's initial operations and product development.
2. Pre-Seed Round
   • Amount Raised: USD 1,000,000
   • Date: January 2019
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further develop the platform and expand initial user base.
3. Seed Round
   • Amount Raised: USD 5,100,000
   • Date: March 2019
   • Lead Investors: Khosla Ventures, Kindred Ventures, Nyca Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To provide banking services, investment accounts, advisory services, and a national health insurance brokerage for individual plans.
4. Seed Round
   • Amount Raised: USD 2,000,000
   • Date: October 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand product offerings and enhance platform capabilities.
5. Series A Round
   • Amount Raised: USD 12,000,000
   • Date: July 2021
   • Lead Investors: Crosslink Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate partnership programs, product development, and expand distribution partnerships.

Total Amount Raised: USD 20,101,000. Current Valuation: Not publicly disclosed.

Key Investors

• Crosslink Capital
  • Details: Crosslink Capital is a venture capital firm that led the Series A funding round for Catch. The firm is known for investing in early-stage companies across various sectors.
  • Investment Focus Areas: Technology, consumer services, financial technology.
  • Notable Investments: Chime, Personal Capital, Pandora.
• Khosla Ventures
  • Details: Khosla Ventures is a venture capital firm that participated in Catch's Seed and Series A funding rounds. The firm focuses on impactful technology investments.
  • Investment Focus Areas: Healthcare, financial services, sustainability.
  • Notable Investments: Square, DoorDash, Impossible Foods.
• Kindred Ventures
  • Details: Kindred Ventures is an early-stage venture capital firm that invested in Catch's Seed and Series A rounds. The firm supports technology-driven companies.
  • Investment Focus Areas: Technology, consumer services, financial technology.
  • Notable Investments: Postmates, Coinbase, Blue Bottle Coffee.
• Nyca Partners
  • Details: Nyca Partners is a venture capital firm specializing in financial technology. They participated in Catch's Seed and Series A funding rounds.
  • Investment Focus Areas: Financial technology, digital banking, investment platforms.
  • Notable Investments: Affirm, Acorns, Digit.
• Urban Innovation Fund
  • Details: Urban Innovation Fund is a venture capital firm that participated in Catch's Series A funding round. The firm invests in startups that improve urban living.
  • Investment Focus Areas: Transportation, housing, financial services.
  • Notable Investments: Chariot, Neighborly, Future Family.

What's Next for Catch?

Catch is poised to capitalize on the burgeoning gig economy, which is valued at over $1 trillion and comprises nearly 40% of the U.S. workforce. The company plans to expand its distribution partnerships and relocate to New York City, a major tech hub, to tap into a larger talent pool and market. This move, coupled with the introduction of new products like independent disability insurance and automated health savings accounts, positions Catch to significantly grow its user base and market reach.

Future fundraising opportunities appear promising as Catch continues to innovate and expand its offerings. The successful Series A round, led by Crosslink Capital, and previous seed funding indicate strong investor confidence. As the demand for portable benefits tailored to independent workers rises, Catch is likely to attract further investment to support its growth and product development.

However, the company faces challenges such as competition from other benefits platforms and navigating regulatory requirements. Ensuring affordability and accessibility of benefits for gig workers will be crucial. Despite these hurdles, Catch's strategic initiatives and market positioning suggest a bright future ahead.

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