Google’s parent company, Alphabet, has invested $375 mn in Oscar Health. It will help the health insurer to expand to more markets and business segments, including Medicare Advantage in 2020.
The investment comes months after Oscar Health raised $165 mn in a funding round. Among the participants of that funding, CapitalG and Verily Life Sciences were financed by Alphabet.
Alphabet has now owned roughly 10 per cent of the privately held Oscar, which offers technology-driven services for individual consumers.
Alphabet was “thrilled” to invest further to help Oscar in its next phase of growth, a company spokeswoman said.
Oscar Health was founded in 2012 by Mario Schlosser, Kevin Nazemi, who is no longer a part of the company, and Josh Kushner, brother of President Donald Trump’s adviser and son-in-law Jared Kushner.