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Insurtech Oscar Health raises $225 million

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U.S. direct health insurer Oscar in June 2020 raised another USD 225 million in a late-stage round of funding.

Led by co-founder and CEO Mario Schlosser, Oscar now is active in 15 U.S. states and has more than 420,000 members in individual, Medicare Advantage and small group products.

Certainly helped by the coronavirus crisis, most U.S. healthcare providers today offer virtual consultations and ever more patients make use of such services. According to the company, around 30% of patients with insurance plans from Oscar have used telemedical services, versus only 10% of the country as a whole.

Like online P/C insurer Lemonade, which has filed to go public, Oscar may be readying itself for a public offering. The company hired a new CFO, Sid Sankaran, previously with AIG, in February 2019. New investors in this round include Baillie Gifford and Coatue, two late-stage venture capital firms that are known to come in before a public offering. Other previous investors, including Alphabet (Google’s parent company), General Catalyst, Khosla Ventures, Lakestar and Thrive Capital, also participated in the round.

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