US insurtech Oscar nabs new funding to transform health insurance

New York-based Oscar, a technology-focused health insurance company, has secured $225 million in new funding to drive growth and expand access to affordable health care.

The latest fundraising round saw participation from many existing investors, including Alphabet, General Catalyst, Khosla Ventures, Lakestar and Thrive Capital, among others, with new investors Baillie Gifford and Coatue also joining the round.

Following an expansion in 2020, Oscar is now offered in 15 states and 29 US markets, and has over 420,000 members across its individual, Medicare Advantage, and small group products.

Mario Schlosser, co-founder and CEO of Oscar, said: "Transforming the health insurance experience requires the creation of personalized, affordable experiences at scale. At Oscar, we combine our full-stack technology platform and data-driven approach to deliver seamless care that meets members where they are. We have created an experience that feels like you have a doctor in the family. This funding enables us to further accelerate the development of our unique model while creating efficiencies and cost-savings."