Oscar Health closes $225M funding round

Tech-enabled insurer Oscar Health has closed its latest funding round for $225 million.

The round included investment from previous backers including Google's parent company Alphabet, Khosla Ventures and Thrive Capital, along with new investors Baillie Gifford and Coatue, Oscar announced Friday.

Oscar said the funding round puts it in a strong position to continue growing off of its $2 billion revenue base.

RELATED: How Oscar Health is harnessing its tech-enabled DNA amid the COVID-19 crisis 

“At Oscar, we combine our full-stack technology platform and data-driven approach to deliver seamless care that meets members where they are. We have created an experience that feels like you have a doctor in the family," said CEO Mario Schlosser in a statement. "This funding enables us to further accelerate the development of our unique model while creating efficiencies and cost-savings.”

After launching a notable expansion earlier this year, Oscar now operates in 15 states and 29 markets across the U.S., covering more than 420,000 members. It also joined forces with Cigna to launch co-branded plans targeting small businesses.