Oscar Health Insurance vowed to use technology to change and improve the way customers find health care, and it seems they're making good on their word. The company, started in 2013 by co-founder Josh Kushner in part because he was frustrated when he couldn't make sense of a bill from his health insurance company, has grown quickly over the past few years. It started on the New York State health-plan marketplace and has since expanded to California, New Jersey and Texas.
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The company now has 145,000 customers, up from 40,000 a year ago. They can toggle right over to the Oscar home page and find simple language and good search functions to find any general doctor or specialist.
In February the company raised $400 million in a round led by mutual fund giant Fidelity. That deal now values Oscar at $2.7 billion, more than $1 billion higher than last year at this time. And Fidelity is in good company. Other investors include PayPal co-founder Peter Thiel, General Catalyst Partners, Goldman Sachs and Khosla Ventures. The company says it plans to enter three to four new states each year, with each new territory costing about $20 million to get up and running. With the amount of cash Oscar has been able to raise, that shouldn't cause any headaches.