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Financials

Alphabet to invest $375 million in health insurer Oscar Health

Aug 14 (Reuters) - Alphabet Inc plans to invest $375 million in Oscar Health, helping it expand to more markets and business segments, including Medicare Advantage in 2020, the health insurance start-up said on Tuesday.

The investment comes months after Oscar Health raised $165 million in a funding round. Among the participants of that funding, CapitalG and Verily Life Sciences were financed by Alphabet.

Alphabet would now own roughly 10 percent of the privately held Oscar, which offers technology-driven services for individual consumers, according to a Wired.com here report.

Alphabet did not immediately respond to a request for comment.

Oscar Health was founded in 2012 by Mario Schlosser, Kevin Nazemi, who is no longer a part of the company, and Josh Kushner, brother of President Donald Trump’s adviser and son-in-law Jared Kushner. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber)

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