Catch, a platform offering benefits for workers, has reportedly raised $5.1m in a funding round, at a post-money valuation of $20.5m.
The round was co-led by Khosla Ventures, Kindred Ventures and AYCA Partners, according to a report from TechCrunch. This investment is a follow-on from its $1m pre-seed round.
With the new funds, the startup is looking to further its expansion into full health insurance, life insurance, as well as other sectors.
US-based Catch aims to provide freelancers or those with multiple jobs to access various benefits, after being missed by existing models, the company claims. Through the mobile app, users can gain access to retirement planning and investing, tax withholding, health insurance, life insurance, support with student loan repayments, and guidance with savings for holidays.
It works by a user answering some questions to receive some personalised benefits. Once this is completed they need to connect their account to the bank they normally paid through, and then they simply build their plan and how much money they want to save.
There has been a lot of activity within the InsurTech sector recently. Earlier this week, jewellery and luxury watch insurance company BriteCo raised $2m in a seed round. The capital was supplied by angel investors including Trunk Club founder Brian Spaly.
This week also saw the closing of InsurTech platform Kinsu, which offered coverage for gadgets, bikes, and home content.
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