Oscar Health raises $165mn in new funding round
Inspired to overhaul a fragmented US healthcare system, Mario Schlosser, Joshua Kushner and Kevin Nazemi decided to look at ways to empower consumers through utilising data science and technology to provide patient healthcare.
Launched in 2012, Oscar Health has recently raised $165mn in a new funding round, which will go towards its plans for expansion. It also highlights the increased move for health insurers and organisations to partner to provide a complete picture of consumers healthcare needs.
“Our investors have consistently believed in Oscar’s long-term vision, in the underlying strength of our business model, and in the talent and drive of more than 700 of the brightest minds from health care, technology, data, and operations,” the two remaining founders said.
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“To fuel Oscar’s next phase of growth, we’ve officially closed a $165 million funding round, led by Brian Singerman and Founders Fund and including 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, and Thrive Capital, among others. Our investors’ deep collective experience in health care and technology will be vital to our success in the coming years.”
Enrolling over 250,000 members in 2018 alone under the Affordable Care Act, the company is projecting up to $1bn in gross premium revenue, the company has stated, in its bid to drive cost-effective, quality healthcare for consumers.
The company’s partnership with healthcare organisations, such as the Cleveland Clinic, Humana, and AXA signifies Oscar Health’s exponential growth, where it houses ambitions to expand at a rate of five cities each year, whilst exploring further markets.