Clover Health, a US-based health insurance provider backed by internet technology group Alphabet, has raised $500m in funding from investors led by family office Greenoaks Capital, TechCrunch reported yesterday.
The company has confirmed it expects to formally close the round within weeks but did not offer further details.
Founded in 2012, Clover Health operates a health insurance platform that relies on big data analytics to detect issues that can be tackled proactively and thereby reduce costs, collecting both health and behavioural data to understand a patient’s needs.
The company’s plans offer features such as low or no premiums, low prescription drug costs and a cap on out-of-pocket expenses, and it also helps patients manage chronic conditions.
Clover’s customer base has grown to 40,000 users across the US states of Arizona, Georgia, New Jersey, Pennsylvania, South Carolina, Tennessee and Texas.
The company has raised $925m in funding to date having received $130m in series D capital from GV, an early-stage investment arm of Alphabet, as well as Greenoaks Capital, Palm Drive Capital, Western Technology Investment, Sequoia Capital and First Round Capital, in 2017.
Clover’s earlier investors also include Arena Ventures, Wildcat Ventures, AME Cloud Ventures, Casdin Capital, Floodgate, Nexus Ventures, Refactor Capital, Spark Capital and Social Capital.
