Oscar Health, a U.S.-based insurtech, announced last week it has raised $165 million through its latest investment round led by Brian Singerman and Founders Fund. Founded in 2013, the company stated it is focused on utilizing technology, design, and data to humanize healthcare.
“We’re a group of technology and healthcare professionals who looked at the current state of the US healthcare system, got frustrated by the horrible consumer experience, and decided to do something big about it. Backed by a renowned set of investors and advisors, we’ve set out to revolutionize healthcare.”
Oscar team also noted they started the company to secure the trust of consumers, to use data science and technology to proactively guide them to the best and most affordable doctors, and to finally introduce choice, competition, and value to health care. Speaking about the investment round, the company reported:
“Our investors have consistently believed in Oscar’s long-term vision, in the underlying strength of our business model, and in the talent and drive of more than 700 of the brightest minds from health care, technology, data, and operations. To fuel Oscar’s next phase of growth, we’ve officially closed a $165 million funding round, led by Brian Singerman and Founders Fund and including 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, and Thrive Capital, among others. Our investors’ deep collective experience in health care and technology will be vital to our success in the coming years.”
The company added it plans to use the investment funds to accelerate its products in order to deliver affordable, high-quality healthcare that its customers deserve.
“Oscar now has a proven, replicable growth playbook: secure competitive prices with new health systems, acquire and engage membership in significant volumes, build market share for our provider partners, and begin to drive health care costs down. Expand at a rate of 4-5 cities every year, in individual, small group, and other market segments.”