Alphabet invests $375 million in a health insurance startup

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California holding Alphabet plans to invest $375 million in health insurance startup Oscar Health, helping it expand access to new markets and business segments, including Medicare Advantage in 2020 year.

The investment will be made a few months after Oscar Health received $165 million in the first round of funding. Among the participants in this funding were CapitalG and Verily Life Sciences, which received investments from Alphabet.

The holding company Alphabet, which owns Google, will receive approximately 10% of the shares of the medical startup, which offers technology-oriented services for individual consumers. As a result, Google Executive Director, who previously headed YouTube, Salar Kamangar, will join the board of Oscar Health.

Oscar Health was founded in 2012 in New York by Mario Schlosser, Kevin Nazumi (who is no longer a co-founder of the company), Josh Kushner (brother of US President Donald Trump's advisor and son-in-law of Jared Kushner). The startup operates a platform integrated with medical institutions and provides personalized and technological services. In 2018, the firm had over 250,000 members and over 700 employees.

Source: Forinsurer