Oscar Health, the health insurance company co-founded by Jared Kushner’s brother Joshua, filed for an IPO and announced that Barack Obama’s former campaign manager David Plouffe will join his board of directors.
Why it matters: Oscar Health is one of the most visible attempts to disorganize the health insurance industry.
Bottom: The Oscar was launched to provide health insurance to individuals under the Affordable Care Act, but has since diversified into other health insurance markets.
By the numbers:
- recipe: The company raised $ 1.67 billion in 2020, compared to $ 1.04 billion in 2019. However, its net losses increased to $ 406.83 million in 2020, from $ 261.18 million in 2019.
- Members: Oscar had a total of 402,044 insurance customers at the end of 2020, with just under 2,000 being covered by Oscar’s Medicare Advantage plan, while the rest are individuals or small groups. In 2019, it had 229,818 members.
Major shareholders of Oscar Health include Alphabet (Google’s parent company), Fidelity, Formation8, Founders Fund, General Catalyst, Khosla Ventures and Thrive Capital (Joshua Kushner’s VC company).
Editor’s note: the story has been updated with additional archiving details.