Stride Health has raised $13 million in Series A funding from Fidelity Biosciences and previous investor NEA, bringing the company’s total funding to $17.5 million.
Stride makes it easier for freelancers and independent contractors, who make up one third of the U.S. labor force, to find the right insurance for them.
The process starts with user entering his/her data, including age, gender, location, and illness history, and then the tech in the background evaluates how much care they will use throughout the year, prices it on every health plan, and couples it with the coverage price to show the total cost of each plan. This entire process with user inputs and plan selection takes no more than 15 minutes, while Healthcare.gov can easily spend well over an hour to register for a health plan.
“Healthcare.gov drops you off at the doorstep of the carrier and that’s it,” says Noah Lang, founder of Stride. “We stick around throughout the year – our team will sit on hold with the insurance company for two hours so you don’t have to.”
Stride launched in California in March of last year, and is now live in six additional states – New York, New Jersey, Florida, Texas, Illinois, and Pennsylvania.The service launched in California in March of last year, and is now live in six additional states – New York, New Jersey, Florida, Texas, Illinois, and Pennsylvania, spanning 44% of the population. As part of the strategy, the company is tapping into growing networks of contract employees through partnerships with Uber, TaskRabbit, and Postmates.
Beyond selling the insurance policies, Stride offers additional services, including notifying users to pay monthly premiums before they lose coverage, helping them deduct health expenses from their taxes, or providing employers of freelance workers the option to offer their employees healthcare stipends through the Stride platform.