Press Release

Oscar closes 2020 with $140 million new funding round, led by Tiger Global Management

Dec 17, 2020
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Jackie Kahn
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Dec 17, 2020
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New York, NY -- Oscar, the first health insurance company built on a full stack technology platform, announced today 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. The financing comes as Oscar continues to experience significant growth, seeing a 74% increase in direct policy premiums over the past three years. “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.”The announcement takes place as Open Enrollment for 2021 closes for much of the U.S. Heading into the new year, Oscar will be available in 18 states and 286 counties across its Individual and Family Plans, Medicare Advantage and Small group products. As of September 30, 2020, Oscar had approximately 420,000 members across 15 states. Oscar launched in 2012 with the intention of transforming how people interact with their health insurance company. Since then, the company has seen significant growth driven by its industry-leading levels of member engagement. Oscar members have mobile app downloads that are approximately nine times the average of other insurers. 88% of subscribing members have interacted with Oscar digitally. This engagement allows Oscar to get to know its members better and intervene to shift behavior in the direction of healthier and more affordable options. The combination of Oscar’s member engagement engine and full stack technology platform allows the insurer to help its members find high quality care. 48% of first-time PCP visits for Oscar members are with an Oscar recommended doctor. Additionally, since 2014, all of its members have had 24/7 access to Oscar’s virtual care offerings, in nearly all cases at no additional cost. Of the subscribing members who have had one or more medical visits, 38% have used Oscar’s virtual care offering. Oscar’s member engagement model results in high levels of member trust and satisfaction, too, with 68% of surveyed members stating that they trust Oscar to give them advice on how and where to get the care they need. Oscar’s Net Promoter Score is 30, compared with the average negative 4 among other health insurers.About OscarOscar is the first health insurance company built around a full stack technology platform and a relentless focus on serving its members. At Oscar, our mission is to make a healthier life accessible and affordable for all.Headquartered in New York City, Oscar has been challenging the health care system's status quo since our founding in 2012. The company’s member-first philosophy and innovative approach to care has earned us the trust of more than 420,000 Americans across 211 counties. We offer Individual & Family, Small Group and Medicare Advantage plans. Our members benefit from 24/7 telemedicine visits at no additional cost, integrated direct scheduling with providers through our innovative app, a network of first-rate physicians and hospitals, as well as a personalized Care Team that supports members every step of the way, from finding a doctor to navigating costs. We create experiences that reflect the kind of health care company we would want for ourselves—one that behaves like a doctor in the family, helping us navigate the health care system in our moments of greatest need.All products and services are provided exclusively by or through operating subsidiaries of Oscar Management Corporation, including Oscar Insurance Company and its affiliates. Say hi or learn more at www.hioscar.com or follow us at twitter.com/OscarHealth.
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