-57%

est. 2Y upside i

HealthcareFinTechSeries B

Thatch is an all-in-one platform that makes it easy to offer your employees the most personalized healthcare experience. You decide what to spend, and your team gets great health benefits.

Rank

#3349

Sector

Healthtech, Fintech

Est. Liquidity

~4Y

Data Quality

Data: Low

Thatch's equity offers negligible upside with high risk due to 7% growth, high incumbent competition, and 21% preference overhang.

Last updated: July 21, 2026

Bull (10%)-1%

Multiple holds at 9.5x as Thatch gains category leadership in ICHRA. Projected revenue $48M leads to enterprise value $457M, but 15% dilution reduces net upside to -0.7%.

Base (40%)-43%

Multiple converges to 6x, in line with mature HCM peers. Enterprise value $289M, less 15% dilution results in -42.9% return.

Bear (50%)-79%

Multiple compresses to 3x due to low growth and incumbent competition. Enterprise value $144M (above preference), but with 15% dilution, common return -78.9%.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

2110%

Total preferred liquidation preference is $84.5M, representing 21% of current valuation, creating a high overhang for common stock.

Dilution Risk

moderate

Given $40M Series B raised in April 2025 and $42M revenue, the company may require additional capital within 2 years, leading to roughly 15% dilution.

Secondary Liquidity

none

There is no active secondary market for Thatch shares; employees likely must wait for an exit event.

View all 20 open roles at Thatch →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Thatch's data — designed to show you've done your homework.

  • 1

    “How does Thatch plan to accelerate growth beyond 7% YoY given strong competition?”

  • 2

    “What is the unit economics and breakeven timeline?”

  • 3

    “What is the company's long-term liquidity strategy for employees?”

Community

Valuation Sentiment

Our model estimates -57% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.