New York health insurer Oscar raises $30M in funding
Oscar Insurance Corp has closed $30 million in funding from its existing investors. Oscar is a new health insurance firm co-founded by venture capitalist Joshua Kushner, according to The New York Times.
The funding round was led by Peter Thiel's venture capital firm Founders Fund. Kushner's firm Thrive Capital, General Catalyst Partners, and Khosla Ventures also participated in the financing, the report detailed.
Since it opened for business in October, Oscar has grown rapidly. The latest funding round comes after it initially raised $35 million from a previous round. The latest round values the insurer at around $340 million. Under the terms of the deal, Kushner will remain the chairman of the company. Co-founders Mario Schlosser and Kevin Nazemi will run the insurance firm daily, the report explained.
Oscar presently caters to New York City and a few counties in the lower New York State. However, Kushner said the company is aiming to expand nationwide, the report stated.
Aside from deductibles and monthly payments, the New York City-based insurer focuses on free generic drugs, free primary care appointments, and free calls to physicians. The startup also focuses on an online search function that allows patients to inquire of their symptoms from qualified doctors, The New York Times reported.