A health insurer backed by Google’s venture capital affiliate says it has raised $225 million more funding.
The insurer, Oscar Insurance, says it now has a total of about 420,000 enrollees in individual major medical coverage, Medicare Advantage plans, and small-group health plans.
The company reported it has about $2 billion in annual revenue, or about $5,000 in revenue per year per enrollee.
The New York-based company came to life in 2012, with support from private investors, rather than from the ill-fated Affordable Care Act Consumer Operated and Oriented Plan funding program.
The organizers said they wanted to bring modern technology and insurance ideas to the health insurance market.
One of the company’s founders is Joshua Kushner, who is the brother of Jared Kushner. Jared Kushner is President Donald Trump’s son-in-law.
The company has received a total of about $1.5 billion in funding, according to Crunchbase.
The investor group in the new round of funding includes the venture capital arm of Alphabet. Alphabet is the holding company that owns Google.
The company now operates in 15 states. In some markets, it works with Cigna Corp. to market coverage to small groups.
— Read Oscar Health Said to Be Valued at $2.7 Billion in Fidelity-Led Round, on ThinkAdvisor.