Photographer: Kholood Eid / Bloomberg
Photographer: Kholood Eid / Bloomberg
Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, has filed for an initial public offering.
The New York-based company in a document on Friday listed the size of the offer as $ 100 million, a placeholder that will change.
Founded in 2012, Oscar previously focused on selling insurance plans under the Affordable Care Act, also known as Obamacare. The company now has 529,000 members and serves 291 counties in 18 states, according to the document.
The name of the company is a tribute to Kushner’s great-grandfather, an immigrant named after Oscar on Ellis Island, according to a letter from Kushner and co-founder Mario Schlosser.
“When it came time to start our business, we wanted our members to know that we were not a faceless health insurer whose logo lives on a card in their wallets,” they said. “We wanted to communicate that we could help them navigate the healthcare landscape as a family doctor would. So, we chose a real name. “
She said she is the first health insurer to offer telemedicine services 24 hours a day at no extra charge.
The company lost $ 407 million with revenue of $ 1.67 billion in 2020, according to the filing. This compares to a loss of $ 261 million with revenue of $ 1.04 billion a year earlier.
Oscar had a $ 3.2 billion valuation in a 2018 financing round, Bloomberg News previously reported. The company’s plans follow the public market success of Lemonade Inc., another venture capital firm backed by New York.
Kushner, managing director of the venture firm Thrive Capital, is the brother of Jared Kushner, son-in-law and former senior adviser to former US President Donald Trump.
Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. top the list.
Oscar plans list your shares on the New York Stock Exchange under the symbol OSCR.