The health insurance company Oscar has announced that it has closed a $140 million funding round. The round was led by Tiger Global Management, LLC, with participation from Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla, Lakestar and Reinvent.
Oscar has experienced significant growth in recent years, where it saw a 74% increase in direct policy premiums in the last three years. The company has over 420,000 members across 15 states. It will be available in 18 states and 286 countries across its Individual and Family Plans, Medicare Advantage, and Small group products next year.
“Since 2017, Oscar has seen annualized membership growth of more than 70%,” said Mario Schlosser, Co-Founder and CEO of Oscar. “As we continue to rapidly scale our business, this capital will help us deliver on our commitment to bring accessible and affordable care to even more Oscar members across the country.”
Oscar is a health insurer that is built on full-stack technology platforms. It was established in 2012 to transform how people interact with their health insurance company. As many as 88% of subscribing members of the platform have interacted with Oscar digitally. Oscar’s Net Promoter Score is 30, compared with the average negative 4 among other health insurers.