Oscar Health Raises $375 million From Alphabet
Google parent Alphabet in August 2018 invested $375 million in InsurTech Oscar Health, giving Alphabet a 10 percent share in Oscar. Google employee and former CEO Salar Kamangar joins the board of directors.
Google had previously invested in Oscar through its Capital G investment fund and Verily health and life sciences research unit.
An earlier $165 million round in March 2018 valued the company at around $3 billion; the new round implies a similar valuation.
According to Oscar co-founder and CEO Mario Schlosser, the six-year-old New York company will use the proceeds to hire more engineers, data scientists, product designers, and clinicians, in order to launch new product lines.
Oscar started by offering individual health insurance and PPACA plans; then adding group plans for small businesses, Oscar for Business. The new products will start with a Medicare Advantage plan, planned for 2020.