InsurTech platform Oscar closes funding round on $225m

Online health insurance platform Oscar has closed a new funding round on $225m as it looks to continue its growth.

The round was backed by existing investors, including Alphabet, General Catalyst, Khosla Ventures, Lakestar and Thrive Capital. There were also contributions from new investors, including Baillie Gifford and Coatue.

Oscar has a $2bn revenue base and hopes the capital will help it to continue growing.

The InsurTech has undertaken an expansion this year, resulting its services now being available in 15 US states and 29 US markets. There are more than 420,000 members of the platform.

Founded in 2012, Oscar offers a mobile app which improves the engagement of consumers and their health. The platform supplies personalised support to help members get the most of their healthcare and ensure they stay healthy.

Consumers can shop for a variety of insurance plans for themselves, family or employees and access a free 24/7 telemedicine care.

Oscar co-founder and CEO Mario Schlosser said, “Transforming the health insurance experience requires the creation of personalised, affordable experiences at scale.

“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. This funding enables us to further accelerate the development of our unique model while creating efficiencies and cost-savings.”

The company’s previous fundraising efforts were in 2018. Oscar pulled in a total of $540m across a pair of funding rounds.

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