Insurance provider Oscar raises $145 million

Oscar mobile app

Innovative insurance provider Oscar has closed its latest round of funding totaling $145 million, while bringing the total amount of money raised to $320 million. Peter Thiel and Brian Singerman from Founders Fund led the round, with participation from Li Ka-shing of Horizon Ventures, the Wellington Management Company and Goldman Sachs, in addition to all previous investors. The new capital will allow Oscar to expand its operations, develop new products and extend plans to new members across the country.

“Our most recent round of financing will ensure our continued dedication to service and innovation for our members, “Mario Schlosser, CEO Oscar Insurance, said in a blog post. “It will allow us to grow our staff, create new products and extend our plans to new members across the country.”

Oscar offers more personal and immediate health insurance model with marketing, product design and customer service practices that are more in tune with the millennial generation. The company offers free telemedicine service, free wearables, along with premiums for healthy behavior patterns.

The company currently has around 40,000 members and has recently expanded to California (from New York).