Stride Health, Inc.

Stride Health, Inc. is a technology-driven company that provides portable benefits tailored for self-employed and hourly workers, ensuring access to essential health coverage and financial security. Founded in 2014 and headquartered in San Francisco, US, Stride Health, Inc. specializes in portable benefits for independent workers.

Significant funding rounds include a Series C round in October 2021, raising USD 38. 60 mn led by King River Capital, with participation from Mastercard Incorporated and other investors. The company has completed 8 funding deals in total, reaching a current valuation of USD 212. 589 mn.

The founding team includes individuals passionate about improving benefits access, though specific previous ventures by the founders are not disclosed. Stride Health offers a comprehensive suite of portable benefits designed specifically for self-employed, hourly, and small business workers, addressing the critical financial security challenges faced by 1099, part-time W-2, and hybrid employees. Their core offerings include access to health insurance, dental, vision, and life plans, all provided in partnership with Healthcare. gov to ensure the same plans are available at the same prices as the marketplace.

Stride’s personalized shopping experience allows users to receive tailored recommendations and access tax credits that can reduce the cost of coverage. Additionally, Stride features a benefits savings account that enables individuals to save for essential expenses like health coverage, retirement, and emergency funds. This platform is designed for various geographical markets, catering to independent workers across the United States, including those engaged in gig economy roles in sectors such as rideshare, delivery, and freelance work. Stride Health generates revenue through its innovative benefits platform which serves both individual consumers and businesses seeking to provide portable benefits to their workforce.

The transaction structure is primarily B2C, where individuals enroll in health insurance plans through Stride, benefiting from personalized recommendations and support. Companies can also partner with Stride to facilitate targeted contributions to employees’ benefits accounts, enhancing their overall offerings to contract, hourly, and part-time workers. Stride's benefits accounts are designed to be no-fee debit accounts that provide competitive yields on savings, while its comprehensive health, vision, and dental plans serve as flagship offerings within their portfolio. The structure of these transactions allows for flexible contributions and utilization of funds, ensuring that independent workers have access to essential benefits regardless of their employment status.

Stride Health, Inc. plans to utilize the USD 38. 60 mn raised in its Series C funding to enhance its portable benefits platform, accelerate membership growth, and invest in new partnerships and channels. The company is looking to expand its operations into new geographic regions with a focus on broadening its market presence across the United States.

Upcoming product launches are in development, though specific release dates have not been disclosed.