US-based insurance provider Oscar Health Insurance has obtained $32.5m in funding from Google Capital, the growth-equity arm of internet company Google, the Wall Street Journal reported yesterday.
The deal valued Oscar at $1.75bn.
Incorporated in 2012, Oscar offers health insurance directly to end-users rather than employers. The company has created a smartphone app, which enables users to book appointments with doctors, and keep track of their visits, prescriptions and lab work.
Users can also earn money when they link the app to a fitness tracker and reach their daily goal for number of steps taken. Oscar awards $1 for each day, up to a total of $240 per year.
Oscar has hinted at a potential future collaboration with Google’s life sciences unit.
The company has raised more than $350m to date, including a $145m round in April 2015 backed by investment bank Goldman-Sachs, Founders Fund, Horizon Ventures and Wellington Management.
Remaining backers include Formation8, General Catalyst Partners, Khosla Ventures, Thrive Capital and assorted angel investors.