Oscar, the New York-based health insurance upstart at the forefront of a wave of healthcare venture capital investments made under the Affordable Care Act, has raised an additional $ 140 million in funding.
The new capital means Oscar raised the equivalent of $ 1 million per day for the full year 2020.
The company's final financing round, a transportation volume of $ 225 million, took place just a few months ago in June.
Given the list of investors in the round, led by Tiger Global Management, which includes Dragoneer, Baillie Gifford, Coatue, the Founder's Fund, Khosla Ventures, Lakestar and Reinvent; It will likely be one of the last times the company enters private markets before finally being offered publicly.
"Since 2017, Oscar has seen more than 70% annual membership growth," said Mario Schlosser, co-founder and CEO of Oscar, in a statement. "As we continue to scale our business rapidly, this capital will help us fulfill our commitment to provide accessible and affordable care to even more Oscar members across the country."
In the beginning of the new year, the company announced that it would be available in 18 states and 286 counties in its single and family plans, Medicare Advantage and small group products. As of September 30, 2020, Oscar had approximately 420,000 members in 15 states.
Oscar was one of the first insurers to offer virtual care services (the practice was introduced in 2014). Almost half of all Oscar member visits to a family doctor are now carried out by an Oscar-recommended doctor. Around 38% of the company's subscribing members who have one or more doctor visits use the company's virtual care services, Oscar said.