Thatch AI: How This Fintech Healthcare Startup Raised $38M from Top SF Investors
An exclusive interview with Adam Stevenson, former engineering leader at Stripe and entrepreneur who spent the last decade scaling fast-growing startups in Silicon Valley.
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Adam Stevenson, a founder who moved to San Diego 12 years ago, spent a decade working in healthcare and software before launching a venture-backed startup.
Prior to co-founding Thatch with Chris Ellis, Stevenson built and exited several software ventures. He was also one of the first 150 employees at Stripe — which is widely known as one of the most successful startups in Silicon Valley.
After six years climbing the ranks from support engineer to head of solutions architecture, it was time for a change.
“I connected with my co-founder, Chris, who reached out to me cold. He wanted to talk about APIs in the healthcare space. We instantly hit it off.” said Stevenson. “We both knew we wanted to start something in the healthcare space that helped patients.
“On the same day Chris and I quit our jobs, Thatch was formed,” said Stevenson. “We raised $400,000 from leaders at Stripe as well as previous and current founders and operators, which allowed us to hire our first two team members.”
After launching in 2021, Thatch secured a $5.6 million seed round led by Andreessen Horowitz and Google Ventures. This momentum continued with a $38 million Series A led by Index Ventures and General Catalyst in September 2024.
The latest funding will expand Thatch’s offerings and team, positioning it as a leader in employee healthcare solutions. “Our big vision is to build a new way for companies to do healthcare,” said Stevenson.
Stevenson, who is originally from the Midwest, agreed to chat about Thatch’s accomplishments, how the 45-person startup was able to successfully raise venture capital from top San Francisco investment firms, and why he plans to remain in San Diego.