Regulation Builds Markets: The ICHRA Tailwinds Behind Stack Health's $21M Seed, the Slow Unwind of Small-Group Insurance, and Why Founders and Investors Should Read Rules Before Decks

A $21M seed round dropped on Sept 1, 2026 for a Columbus, Ohio benefits startup called Stack Health. The founder is Alex Frommeyer, formerly of Beam Benefits. The bet: small employers are on their way out of group insurance. Here is why that thesis is bigger than it sounds.

The vehicle is an Individual Coverage Health Reimbursement Arrangement. Employer …