Oscar Health attracts $165m in latest funding round for expansion

New York-based technology-focused health insurance company Oscar Health has raised $165 million in a funding round led by venture capital firm Founders Fund.

Other investors included 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures and Thrive Capital.

Oscar Health said that the capital injection will "fuel its next phase of growth" and its partnerships with industry leaders like Cleveland Clinic, Humana and AXA will help accelerate its mission towards affordable and high-quality health care.

The start-up was co-founded by Mario Schlosser and Joshua Kushner in 2012. Oscar generated an underwriting profit in 2017 and enrolled nearly 250,000 members. It is projecting more than $1 billion in gross premium revenue.

"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," Oscar Health said.

"To fuel Oscar’s next phase of growth, we’ve officially closed a $165 million funding round [...]. Our investors’ deep collective experience in health care and technology will be vital to our success in the coming years."