Oscar Health Raises Funds for Further Expansion
U.S. health insurance start-up Oscar Health in March 2018 raised $165 million in a funding round led by Founders Fund to finance its expansion plans in four to five cities a year.
This funding round was led by Brian Singerman and Founders Fund and includes 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, Thrive Capital, and others.
Oscar Health claims it has generated an underwriting profit in 2017, enrolling nearly 250,000 members, further claiming projected gross written premiums (GWP) of over $1 billion. It also said it had entered into new partnerships with Cleveland Clinic, Humana, and AXA. Oscar intends to expand in the U.S. at a rate of 4-5 cities every year, in individual, small group, and other market segments.