Photographer: Kholood Eid / Bloomberg
Photographer: Kholood Eid / Bloomberg
Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, has submitted an initial public offering.
The New York-based company, in a recording on Friday, listed the size of the offer at 100 million dollars, a substitute that will change.
Founded in 2012, Oscar earlier focused on selling insurance plans under the Affordable Care Act, also known as Obamacare. The company now has 529,000 members and serves 291 counties in 18 states, according to the registry.
The company was named after Kushner’s great-grandfather, an Oscar-winning immigrant to Ellis Island, according to a letter from Kushner and co-founder Mario Schlosser.
“When it came time to start our business, we wanted to inform our members that we were not a faceless health insurer whose logo lives on a card in their wallets,” they said. “We wanted to communicate that we can help them navigate the medical landscape, as a family doctor would do. So I chose a real name. ”
He said it is the first health insurance company to offer telemedicine services 24 hours a day at no extra charge.
The company lost $ 407 million with revenue of $ 1.67 billion in 2020, according to the record. That’s compared to a $ 261 million loss on revenue of $ 1.04 billion a year earlier.
Oscar had a valuation of $ 3.2 billion in a round of funding in 2018, Bloomberg News reported earlier. The company’s plans are aimed at the public market success of Lemonade Inc., another New York-based insurer with financial support.
Kushner, CEO of venture capital firm Thrive Capital, is the brother of Jared Kushner, the son-in-law and senior adviser to former US President Donald Trump.
Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. I’m at the top of the list.
Oscar intends to list his actions on the New York Stock Exchange under the symbol OSCR.