Photographer: Kholood Eid / Bloomberg
Photographer: Kholood Eid / Bloomberg
Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, has filed an initial public offering.
The New York-based company in a presentation on Friday included the size of the offer as $ 100 million, a position marker that will change.
Founded in 2012, Oscar previously 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 filing.
The company was named after Kushner’s great-grandfather, an immigrant named Oscar on Ellis Island, according to a letter submitted by Kushner and co-founder Mario Schlosser.
“When it came time to start our business, we wanted to let our members know that we were not a faceless health insurer whose logo appeared on a card in the wallet,” they said. “We wanted to communicate that we could help them navigate the health scene as a family doctor would. So we 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 for revenue of $ 1.678 billion in 2020, according to the filing. This compares to a loss of $ 261 million for revenue of $ 1.04 billion the previous year.
Oscar had a valuation of $ 3.2 billion in a 2018 funding round, according to Bloomberg News. The company’s plans follow the public procurement success of Lemonade Inc., another New York-based insurance company.
Kushner, CEO of venture capital firm Thrive Capital, is the brother of Jared Kushner, son-in-law and senior adviser to former U.S. President Donald Trump.
Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. lead the list.
Oscar plans it lists their actions on the New York Stock Exchange under the symbol OSCR.