StretchDollar Raises $6M in Funding
Summary
StretchDollar, a San Francisco, California, and Pittsburgh, Pennsylvania based startup dedicated to simplifying health benefits for small businesses, closed a series of seed rounds for a total of $6m of funding. The company intends to use the funds for the expansion of its self-service platform and further elevate the small business benefits experience. Led by CEO and co-founder Marshall Darr, StretchDollar provides small businesses with a platform to set up custom health benefits, completely free of charge. StretchDollar leverages the IRS’s relatively new rule that formed Individual Coverage Health Reimbursement Arrangements (ICHRAs) which allow employers to use pre-tax dollars to cover employee healthcare expenses. In addition to securing funding, StretchDollar is working with Oscar Health and other carriers and organizations to make affordable health insurance coverage more accessible to America’s underserved small business sector and their employees.