Founding Partner of Oscar Health Josh or Joshua Kushner, also investment company Thrive CapitaAlso founder and managing partner of l. Josh Kushner is well known in the US administration as the son-in-law of US President Donald Trump and the brother of his former senior adviser, Jared Kushner, as well as the son of real estate mogul Charles Kushner. Today, he is a household name in the magazine world for his model wife Karlie Kloss.
Mario Schlosser, another founder and CEO of Oscar Health In fact, it is a well-known name in the world of entrepreneurship. Schlosser is one of the co-founders of Vostu, which was described as the largest social game developer in Brazil and Latin America in the early 2010s. Other founders of the company are Daniel Kafie and Josh Kushner. So Oscar Health is not the first work that Kushner and Schlosser put together. Vostu, on the other hand, is a company that has touched all of our lives at some point. Because there are games like Topfarm, Café Mania, MegaCity, Mini Fazenda, GolMania, Candy Dash and Magic Valley among the games developed.
In 2012, Mario Schlosser, Josh Kushner, and Kevin Nazemi directed their knowledge of technology to create a consumer-centric insurance company and Oscar Health was launched. However, Kevin Nazemi severed ties with the company in 2015.
Oscar’s goal is to make it easier for consumers to connect with health insurance plans and health care providers. The platform has an online search function that directs patients to the appropriate doctors after typing their symptoms in natural language. Patients can also evaluate doctors before scheduling an appointment. Oscar guarantees that a doctor will be back on patients’ phones in 25 minutes and offers free calls. It also offers a free medical appointment. Use a simple online form to gather the information you need to create a personalized insurance quote.
The company’s mission is to tap into new markets for people to buy health insurance created by the Affordable Care Act (Obamacare). Founded in New York, Oscar Health currently serves 529,000 clients in 8 states.
Investor interest in insurtech startups
Recently, insurtech startups have attracted attention with their large investments. It is possible to say that the latest investment tours of Oscar Health also demonstrate this situation. Like Oscar Health, Hippo Insurance received a $ 150 million investment in the second quarter of last year. At this point, perhaps one of the most important concepts is that policies have started to personalize while the insurance industry has gone digital.
Insurtechs will undoubtedly attract investors’ attention, especially in this period when a global epidemic exists and continues to occur. You can access our Webrazzi Insights content on this topic here. You can also take a look at the analysis we did in the insurtech field here.
The long-awaited public offering made
In addition to all of this, Oscar Health has also taken notice of the long-awaited public offering.
Despite political uncertainty about the future of healthcare in the US, Oscar Health raised more than $ 1 billion in its initial public offering, as a sign of investor confidence. According to the Financial Times report The New York-based company raised approximately $ 1.4 billion by pricing each of its shares at $ 39, according to a statement. Oscar Health would have a market value of $ 7.9 billion at this price, based on the total number of shares outstanding.
Oscar Health previously said that it expects the list price of the stock to range between $ 32 and $ 34 before increasing the range from $ 36 to $ 38. Coatue Management, Dragoneer Investment Group and Tiger Global Management stated that they were interested in buy up to $ 375 million of shares in the offering.
After the IPO, Google’s investment arm Alphabet Holdings, Peter Thiel’s Founder’s Fund, and Josh Kushner’s own investment firm, Thrive Capital, will have taken over key corners of Oscar Health. According to the Business Insider newsAlthough we do not know how much profit each investor will make at this point, it is possible to calculate the total value of the shares of each major shareholder using the price at the midpoint of the expected range per share. However, it should be noted that these accounts are the closest, as there is no clear information on the subject.
Who and how much participates in Oscar Health?
Kushner, co-founder of Oscar Health, will now serve as the company’s vice president. Kushner Company Thrive Capital it recently raised $ 2 billion for two early and late stage funds. Thrive’s stake in Oscar Health is 32.8 million Class B shares. Post-IPO, Thrive shares are claimed to have 76 percent voting power in the company. These shares are worth around $ 1.21 billion.
CEO of the company Mario Schlosser it has 146,514 Class A shares and 7,085 million Class B shares. After the IPO, Schlosser will control 14.3 percent of Oscar’s voting power. Schlosser sells 366,000 Class A shares as part of the IPO. These combined shares are estimated to average $ 267.5 million.
Google parent company AlphabetHe is one of the few investors who has bought shares in Oscar Health’s multiple investment rounds. The company most recently participated in a $ 225 million tour in June 2020. Alphabet has 24.04 million Class A shares at the Oscars, with a median value of $ 889.5 million.
Another company that has a stake in Oscar Health is Founders Fund. Leading a $ 165 million financing tour in 2018, the company participated in a $ 140 million investment tour last December. These shares of the Founders Fund, which owns 21.6 million Class A shares, are worth $ 799.2 million. General catalyst he also has a voice in the actions of Oscar Health. Finally, the company participating in the investment tour, which contributed $ 225 million to Oscar Health, owns 14.46 million Class A shares, and these shares are worth $ 535 million.
Khosla venturesIt is one of the companies that participated in the multiple investment rounds of Oscar Health. The company, which participated in the $ 140 million tour last December, owns 11.7 million Class A shares. The value of these shares is $ 432.9 million. Another stock company is also Training 8. The company owns 7.36 million Class A shares worth $ 272.3 million. Finally According to Bloomberg, FidelityHe made a huge leap by leading Oscar with a $ 400 million investment worth $ 2.7 billion. The company owns 6.81 million Class A shares of Oscar Health, worth $ 252 million.