Josh Kushner-Backed Oscar Health Files Confidentially for IPO
Josh Kushner-Backed Oscar Health Files Confidentially for IPO
(Bloomberg) -- Oscar, the health insurance startup co-founded by Josh Kushner, said it has filed confidentially for an initial public offering.
The New York-based company, led by Chief Executive Officer Mario Schlosser, said in a statement Monday that had submitted its draft registration for an IPO to the U.S. Securities and Exchange Commission. Mulberry Health Inc., which does business as Oscar, said it hasn’t determined the size or price range of the offering.
Kushner, managing partner and co-founder of the venture firm Thrive Capital, is the brother of Jared Kushner, son-in-law and senior adviser to U.S. President Donald Trump.
Oscar had a valuation of $3.2 billion in a 2018 funding round, Bloomberg News previously reported.
The company’s plans follow the public markets success of Lemonade Inc., another New York-based, venture-backed insurer. Lemonade’s shares have gained 273% since its IPO in July.
Oscar raised $140 million this month in a funding round led by Tiger Global Management, according to a statement. That followed a $225 million round in June that included Thrive Capital. Other investors in one or both of the rounds included Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla Ventures, Lakestar, Reinvent, Alphabet Inc. and General Catalyst.
Oscar said in June that the funding then would help it grow further from a $2 billion revenue base.
Founded in 2012, Oscar earlier focused on selling insurance plans under the Affordable Care Act, also known as Obamacare.
It said it’s the first health-insurance company to offer 24-hour-a-day telemedicine services for no extra fees. More than 30% of its more than 420,000 members, it has said, have used telemedicine, outpacing a 10% usage rate across the U.S.
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