Insurtech Oscar secures $165m for growth

New York-based Oscar Health, a technology-focused health insurance company, has secured $165 million to fuel its next phase of growth.

The funding round was led by venture capital firm Founders Fund. Other investors included 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures and Thrive Capital.

The company said that the capital injection along with its partnerships with industry leaders like Cleveland Clinic, Humana and AXA will help accelerate its mission towards affordable and high-quality health care.

The start-up was co-founded by Mario Schlosser and Joshua Kushner in 2012.

"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," Oscar Health said.

"To fuel Oscar’s next phase of growth, we’ve officially closed a $165 million funding round [...]. Our investors’ deep collective experience in health care and technology will be vital to our success in the coming years."

According to the statement, Oscar generated an underwriting profit in 2017 and enrolled nearly 250,000 members. It is projecting more than $1 billion in gross premium revenue.

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