NEW YORK, June 26, 2020 /PRNewswire/ -- Oscar, the first direct-to-consumer health insurance company, announces today that it has closed a $225 million funding round. The round positions Oscar to continue growth off of a $2 billion revenue base and puts the company on a path to further advance its mission of making health care simple.
"Transforming the health insurance experience requires the creation of personalized, affordable experiences at scale," said Mario Schlosser, Co-Founder and CEO of Oscar. "At Oscar, we combine our full-stack technology platform and data-driven approach to deliver seamless care that meets members where they are. We have created an experience that feels like you have a doctor in the family. This funding enables us to further accelerate the development of our unique model while creating efficiencies and cost-savings."
The latest fundraising round saw participation from many existing investors, including Alphabet, General Catalyst, Khosla Ventures, Lakestar and Thrive Capital, among others, with new investors Baillie Gifford and Coatue also joining the round. The new funding reaffirms investors' confidence in Oscar's business model and enthusiasm around its long-term strategy.
Founded in 2012, Oscar is driving industry-leading levels of engagement – with mobile app downloads that are five times the average of top insurers. Oscar's unique model results in high levels of member trust and satisfaction, with a member-reported NPS score of ~36, compared to the industry average of -12.* Oscar was the first health insurance company to offer 24/7 telemedicine at $0. Over 30% of all Oscar members have used telemedicine, compared to just 10% of Americans.
Following an expansion in 2020, Oscar is now offered in 15 states and 29 U.S. markets, and has over 420,000 members across its individual, Medicare Advantage, and small group products.
About Oscar Oscar is the first health insurance company built to make health care easy. Headquartered in New York City, Oscar has been challenging the health care system's status quo since our founding in 2012, developing seamless technology and providing personalized support to help our members navigate their health care. Oscar was the first insurer to offer free, 24/7 telemedicine to members and to integrate direct scheduling with providers through our app.
Oscar plans also include access to a network of first-rate physicians and hospitals, as well as a personalized Concierge team that supports members every step of the way, from finding a doctor to navigating costs. Oscar is known for its easy-to-use digital tools, including a website and mobile app that let members view their health history, speak directly with their Concierge team, and access their account information.