New York City-based Oscar Health announced it has raised $145 million in funding, and has reached a $1.5 billion valuation, according to Wired.
While this may not seem like much compared to UnitedHealth Group, which is valued at $114 billion, or Aetna, which is valued at $37.75 billion according to Wired, Oscar Health is a less than two-year-old startup that provides insurance only in New York and New Jersey so far. What is more, a $1.5 billion valuation means Oscar has more than tripled its valuation since last January, according to Insurance & Financial Advisor Web News.
CEO and co-founder Mario Schlosser said Oscar now generates approximately $200 million in annual revenue, according to the report. Oscar plans to bring its brand of design-conscious, tech-enhanced insurance to other cities with the funding raised in this round.
Oscar aims to offer patients a unique kind of health insurance that includes telehealth services, fitness trackers, free checkups and improved user experience.
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