Clover Health — which is one of those modern, tech-enabled health insurance companies — has raised $160 million in Series C funding. Greenoaks Capital led the round, with participation from existing investors Arena Ventures, First Round Capital, Sequoia Capital and Wildcat Ventures; as well as new investors AME Cloud Ventures, Casdin Capital, FLOODGATE, Nexus Ventures, Refactor Capital, Spark Capital, and individual investors. As part of the deal, Greenoaks’ partner Benny Peretz will join the Clover Health Board of Directors. The company will use the funds to continue scaling its technology and data science platforms, as well as expand into new markets.
“We believe the return on investment in health insurance should be from helping patients with chronic diseases and preventing the onset of chronic diseases. When we improve health outcomes, it allows us to take those savings and create even better plans for the following year. Patients develop trust with doctors and hospitals, and insurers should be the glue between them instead of creating friction,” Vivek Garipalli, co-founder and CEO of Clover Health, said in a statement. “This new capital provides us with the flexibility to bring our plans into new markets, as well as continue to build out our technology and data science capabilities and build an unmatchable member experience.”
Clover Health is reinventing the insurance industry by integrating technology into every aspect of its members’ care. The company organizes disparate sources of data, such as lab results, prescriptions and EMRs, to identify potential risks and directly fill gaps in care.
Founded in 2012 by serial healthcare entrepreneur Vivek Garipalli and former Yammer head of engineering Kris Gale, Clover Health delivers a lower cost, improved experience for its members, including a $0 monthly premium, $0 co-pay for primary care doctors, $0 payment for generic prescriptions, and enhanced out-of-network benefits.