US-based health insurance provider Clover Health has raised $130m at a $1.2bn valuation from investors including GV, a corporate venturing subsidiary of internet technology group Alphabet, Bloomberg has reported.
Palm Drive Capital, Western Technology Investment, Greenoaks Capital Management, Sequoia Capital and First Round Capital also participated in the round.
Founded in 2012, Clover has built a health insurance platform that utilises big data and analytics to study information from prescriptions, laboratory results and other data points to identify risks that can be proactively addressed, avoiding costly care in the long term.
The company currently operates only in New Jersey, but intends to use the new funding to expand into three more states. It plans to eventually be present across the United States.
Greenoaks Capital led the company’s last round, a $160m series C that closed in May 2016 with contributions from First Round, Sequoia Capital, Arena Ventures, Wildcat Ventures, AME Cloud Ventures, Casdin Capital, Floodgate, Nexus Ventures, Refactor Capital and Spark Capital.
First Round had led Clover’s $100m series A round, which constituted a mixture of equity and debt, in September 2015 before the company added $35m in a Sequoia-led round three months later. Social Capital is also an investor, according to Clover’s website.
Through the round, Clover has become part of a 40-strong portfolio of health and life sciences technology developers in which GV owns a stake. That portfolio includes another health insurance unicorn, Oscar, which was valued at $2.7bn as of February 2016.