Oscar Health closed a $140 million funding round to support ongoing growth at the company, the tech-enabled insurer announced Thursday.
The round, led by Tiger Global Management, included participation from Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla, Lakestar and Reinvent. It comes on the heels of a $225 million funding round in June led by Google's parent company Alphabet, Khosla Ventures and Thrive Capital along with new investors Baillie Gifford and Coatue.
Launched in 2012, Oscar has seen a 74% increase in direct policy premiums and annualized membership growth of more than 70% since 2017.
“As we continue to rapidly scale our business, this capital will help us deliver on our commitment to bring accessible and affordable care to even more Oscar members across the country," said Mario Schlosser, co-founder and CEO of Oscar, in a statement.
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In 2021, New York City-based Oscar will be available in 18 states and 286 countries across its individual and family plans, Medicare Advantage and small group products, officials said. Oscar had about 420,000 members in 15 states as of Sept. 30.
In July, Oscar announced its plans to expand into 19 new markets and four new states in 2021—the fourth straight year Oscar unveiled plans to expand. The company also unveiled its new $0 Virtual Primary Care option, which will offer a slew of digital and in-home services to its individual and family plan members in 10 markets, including Houston, Miami, New York City and Los Angeles, at no cost.
Oscar also teamed up with Cigna on a co-branded health plan aimed at small businesses that was expected to launch in Atlanta, the San Francisco Bay area and across Tennessee in the fourth quarter of 2020. The fully insured plans are designed to be affordable to small businesses and offer Oscar's round-the-clock virtual visits at no charge, $3 copays on many medications and dedicated care management teams alongside Cigna's broader provider network.
Oscar partnered with Holy Cross Health and Memorial Healthcare System to offer a co-branded Medicare Advantage plan to Broward County, Florida, residents.