Clover Health Scores $160 Million to Boost Insurance Tech
- Greanoaks Capital Leads Round; Sequoia, other VCs reinvest
- Insurance startups continue to raise record venture cash
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Clover Health Inc. raised $160 million from private investors, suggesting the sector is still a favorite among venture capitalists betting such startups can disrupt the trillion-dollar insurance market.
Clover’s model combines data with preventative care and it competes against traditional providers as well as startups like Oscar Health Insurance Corp. The company will use the cash to continue improving its technology and expand to new markets, it said in a statement Friday.