Google Capital invests $32.5M in Oscar Health
- In an interview with The Wall Street Journal’s “Digits” blog, Oscar Health stated Google Capital has invested $32.5 million in the startup.
- Through online exchanges, the insurer is targeting individuals rather than employers. About 40,000 members have signed up in New York and New Jersey thus far.
- Google Capital partner David Lawnee told The Wall Street Journal the insurer stood out “because it has the potential to help lower hospital bills and other costs for consumers.”
Oscar is currently valued at $1.75 billion, reports The Wall Street Journal.
According to Healthcare Dive, the venture lost $27.5 million in 2014 and $11.4 million in the first quarter of 2015. However, the company projects that it will be profitable by late 2016.
On average, a customer pays $5,000 annually, reports The Wall Street Journal.
- The Wall Street Journal's "Digits" Google bets on insurance startup Oscar Health
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