Back in 2012, when a New York start-up named Oscar began preparing for the Obamacare market, it did so with seed funding in the "single-digit millions" and a nonexistent track record of selling health insurance, its CEO recalls.
On Monday, Oscar announced a sixth round of funding worth $145 million after the still-small insurer more than doubled its enrollment in the New York and New Jersey Obamacare markets during the recently concluded sign-up season.
The funding package values Oscar at an estimated $1.5 billion, nearly twice its prior valuation, according to a source familiar with the deal.
And it comes as the tech-obsessed company readies a number of new initiatives, including trying its luck later this year in the massive California individual insurance plan market. It is also seriously weighing selling group health insurance on its home turf, and seeking partnerships with health systems to share data and care management for customers as a means to control patient costs.