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Health insurer Oscar adds another $140 million in what’s likely a pre-IPO round

Health insurer Oscar adds another $140 million in what’s likely a pre-IPO round

Oscar, the New York-based medical insurance upstart on the vanguard of a wave of enterprise capital healthcare funding made within the wake of the Affordable Care Act, has raised one other $140 million in financing.

The new capital implies that Oscar has raised what can be the equal of $1 million a day for the whole lot of 2020.

The firm’s final funding spherical, a $225 million haul, got here just some brief months in the past in June.

Oscar’s medical insurance platform nabs one other $225 million

Given the listing of traders within the spherical, which was led by Tiger Global Management and contains Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla Ventures, Lakestar and Reinvent; it’s seemingly going to be one of many final occasions the corporate faucets non-public markets earlier than an eventual public providing.

“Since 2017, Oscar has seen annualized membership progress of greater than 70%,” stated Mario Schlosser, co-founder and chief govt of Oscar, in an announcement. “As we proceed to quickly scale our enterprise, this capital will assist us ship on our dedication to carry accessible and inexpensive care to much more Oscar members throughout the nation.”

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Heading into the brand new 12 months, the corporate stated it will likely be accessible in 18 states and 286 counties throughout its Individual and Family Plans, Medicare Advantage and Small group merchandise. As of September 30, 2020, Oscar had roughly 420,000 members throughout 15 states, the corporate stated.

Oscar was one of many first insurers to supply digital care companies (launching the follow as early as 2014). Now practically half of all Oscar member visits to a main care practitioner are made with an Oscar-recommended physician. Roughly 38% of the corporate’s subscribing members who’ve a number of medical visits use the corporate’s digital care companies, Oscar stated.

 

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