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Google Capital invests $32.5m in Oscar Health

Oscar Health is now valued at $1.75bn.

By CBR Staff Writer

Google Capital has invested $32.5m in health insurance startup Oscar Health.

The new funding values Oscar at $1.75bn. In April, the company raised $145m increasing its valuation to $1.5bn.

Oscar Health, which has already raised over $350m, has more than 40,000 customers in New York and New Jersey.

The company aims to offer its health plans to customers in Texas and California in early next year.

Oscar Health co-founder Mario Schlosser said the company plans to accelerate the implementation of new healthcare technologies developed by other firms.

Google’s life sciences unit and pharmaceutical firm Novartis are jointly developing a contact lens for monitoring glucose levels from human tears.

Schlosser was quoted by the Wall Street Journal as saying, "Google right now would need somebody to get these contact lenses to their patients and that somebody would have to have some economic incentive. We can connect all those dots."

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Oscar’s business is to sign up individual consumers to health plans through the exchanges created by the Affordable Care Act.

Google Capital is the late-stage growth capital fund financed by Google. It has recently invested in US cybersecurity firm CrowdStrike.

Last year, Google Capital acquired a 4% stake in US-based online real estate auction firm, Auction.com, investing $50m.

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