Alphabet to invest US$375mil in health insurer Oscar Health


  • TECH
  • Wednesday, 15 Aug 2018

NEW YORK, NY - MARCH 05: Google's New York office is shown in lower Manhattan on March 5, 2018 in New York City. Published reports say that the tech giant is close to a reaching a $2.4 billion deal to buy the landmark Chelsea Market building. The building, a block-long former Nabisco factory that is named after its ground-floor gourmet food mall, sits directly across from Google's current New York City headquarters in the Meatpacking District. If the sale goes through, it would be one of the most expensive real estate transactions for a single building in New York City history. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

Alphabet Inc plans to invest US$375mil (RM1.53bil) in Oscar Health, helping it expand to more markets and business segments, including Medicare Advantage in 2020, the health insurance startup said.

The investment comes months after Oscar Health raised US$165mil (RM676.91mil) in a funding round. Among the participants of that funding, CapitalG and Verily Life Sciences were financed by Alphabet.

Alphabet would now own roughly 10% of the privately held Oscar, which offers technology-driven services for individual consumers, according to a Wired.com report.

Alphabet was “thrilled” to invest further to help Oscar in its next phase of growth, a company spokeswoman said.

Oscar Health was founded in 2012 by Mario Schlosser, Kevin Nazemi, who is no longer a part of the company, and Josh Kushner, brother of President Donald Trump's adviser and son-in-law Jared Kushner. — Reuters

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