Oscar Well being closed a $140 million funding spherical to assist ongoing progress on the firm, the tech-enabled insurer introduced Thursday.
The spherical, led by Tiger International Administration, included participation from Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla, Lakestar and Reinvent. It comes on the heels of a $225 million funding spherical in June led by Google’s mother or father firm Alphabet, Khosla Ventures and Thrive Capital together with new traders Baillie Gifford and Coatue.
Launched in 2012, Oscar has seen a 74% improve in direct coverage premiums and annualized membership progress of greater than 70% since 2017.
“As we proceed to quickly scale our enterprise, this capital will assist us ship on our dedication to convey accessible and inexpensive care to much more Oscar members throughout the nation,” mentioned Mario Schlosser, co-founder and CEO of Oscar, in a press release.
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In 2021, New York Metropolis-based Oscar will likely be accessible in 18 states and 286 nations throughout its particular person and household plans, Medicare Benefit and small group merchandise, officers mentioned. Oscar had about 420,000 members in 15 states as of Sept. 30.
In July, Oscar introduced its plans to develop into 19 new markets and 4 new states in 2021—the fourth straight 12 months Oscar unveiled plans to develop. The corporate additionally unveiled its new $zero Digital Major Care choice, which can supply a slew of digital and in-home providers to its particular person and household plan members in 10 markets, together with Houston, Miami, New York Metropolis and Los Angeles, without charge.
Oscar additionally teamed up with Cigna on a co-branded well being plan aimed toward small companies that was anticipated to launch in Atlanta, the San Francisco Bay space and throughout Tennessee within the fourth quarter of 2020. The absolutely insured plans are designed to be inexpensive to small companies and supply Oscar’s round the clock digital visits at no cost, $three copays on many drugs and devoted care administration groups alongside Cigna’s broader supplier community.
Oscar partnered with Holy Cross Well being and Memorial Healthcare System to supply a co-branded Medicare Benefit plan to Broward County, Florida, residents.