Oscar Health, the health insurance company co-founded by Joshua, brother of Jared Kushner, has filed for an IPO and announced that former Barack Obama campaign manager David Plouffe will join the board.
Why it matters: Oscar Health is one of the most controversial attempts to disrupt the health insurance industry.
Background: Oscar was launched to provide health insurance to individuals under the Affordable Care Act, but has since diversified into other health insurance markets.
In numbers:
- Revenue: The company brought in $ 1.67 billion in 2020, compared to $ 1.04 billion in 2019. However, its net loss amounted to $ 406.83 million in 2020, compared to $ 261.18 million in 2019.
- MembersOscar has a total of 402,044 insurance customers by the end of 2020, of which just under 2,000 are covered by Oscar’s Medicare Advantage plan, with the rest being individuals or small groups. In 2019 it had a total of 229,818 members.
Oscar Health’s major shareholders include Alphabet (Google’s parent company), Fidelity, Formation8, Founders Fund, General Catalyst, Khosla Ventures, and Thrive Capital (Joshua Kushner’s VC firm).
Editor’s Note: The story has been updated with additional details from the submission.