Oscar is forecasting revenue above $1b for this year, up from about $400m in 2017, according to a person familiar with the situation. The company’s $2.7b previous valuation was about six times its revenue.
Oscar, whose holding company is Mulberry Health Inc., previously has raised more than $700 million from Thrive, Fidelity, as well as investors including 8VC, Founders Fund, General Catalyst Partners, CapitalG, Khosla Ventures, and Wellington Management. Founded in 2012, Oscar was designed to serve the insurance exchanges supported under Obamacare. Although the Republicans’ drive to repeal the health law failed, they did manage to do away with the mandate for individuals to purchase insurance.