Sidecar Health raises $165M with Koch-backed company leading

Insurance technology company Sidecar Health said it raised $165 million in Series D financing, with Koch Disruptive Technologies leading the round.

The company, which launched in 2018 and offers employer health insurance plans in Ohio and Georgia, intends to use the funds to expand into Florida.

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CEO and co-founder Patrick Quigley declined to say what the fundraising goal was and said the round will be the company's last.

"We didn't expect this to be our last funding round," he said. "But because it was so far oversubscribed, this is the last round we're going to need to raise."

Also participating in the round were previous investors GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Menlo Ventures and Morpheus. Duke University joined the round, as did an unnamed state pension fund, Quigley said.

He declined to disclose the company's valuation, other than saying it topped $1 billion.

"The next time we disclose our valuation will probably be the next major milestone, so, [if we hit] $10 billion," Quigley said.