Health and retirement benefits company, Catch, is making a comeback under new management after being temporarily closed down in March by its original co-founders. Alexa Irish and Laura Speyer, now co-CEOs of Catch, acquired the company using their own funds from Kristen Anderson and Andrew Ambrosino, the co-founders, and have relaunched it with a focus solely on health insurance for gig workers and self-employed individuals.
Key Takeaway
Catch, a health and retirement benefits company for gig workers and self-employed individuals, has relaunched under new ownership. The company now focuses solely on providing health insurance to independent workers. Catch believes it can make a significant impact on American entrepreneurship by offering a product that unlocks the safety net of health insurance for gig workers.
A Shocking Shutdown and a Promising Opportunity
Irish and Speyer were surprised when they learned about Catch’s closure. Being active in the same space, they understood the importance of the service Catch was providing and reached out to Anderson and Ambrosino immediately. Recognizing the significant need for health insurance among independent workers, Irish and Speyer were motivated to keep the platform alive.
The relaunched Catch, set to reopen just in time for open enrollment on November 1, now offers health, dental, and vision insurance. The retirement benefits piece, however, has been dropped from their services.
A Collaboration Based on Shared Vision
Irish and Speyer previously worked together at CLEAR, the identity platform for airport entry. In 2022, they left their positions at CLEAR and were in the process of developing their own insurance startup when they discovered Catch’s closure. The realization of the difficulties faced by the 60 million independent workers in the US regarding health insurance became their driving force to tackle this challenge head-on.
Anderson and Ambrosino had the same vision. They created Catch in 2019 to offer health insurance, retirement savings plans, and tax withholding directly to freelancers, contractors, and others without coverage. With licenses in 47 states and the District of Columbia, and venture-backed funding of $18.1 million, Catch had made significant progress prior to its closure.
A Change of Plans and a New Beginning
Marching to their own drumbeat, Anderson and Ambrosino decided to close Catch in March, admitting that although they believed in the potential for disruption in the industry, they were not the ones to make it happen at that time. Fortunately, the strong support from the community after Catch’s closure convinced Irish and Speyer to breathe new life into the company.
The new owners expressed their admiration for what Anderson and Ambrosino had achieved and emphasized their commitment to continuing Catch’s mission. They have also highlighted the importance of the technical platform built by Catch, which will be instrumental in the company’s future success.
The Future of American Entrepreneurship
Catch is determined to make a difference in the lives of independent workers and fuel the future of American entrepreneurship. They aim to provide a safety net for those who rely on health insurance but have chosen not to be tied to corporate jobs. By offering a comprehensive health insurance solution tailored to the needs of gig workers and the self-employed, Catch believes it can transform and empower individuals, enabling them to pursue their passions and work on their terms.
