Medicare Advantage startup Clover Health completed a $500-million funding round, bringing its investments to date to $925 million, according to TechCrunch.
The company, which markets itself as a technology-enabled health insurer for Medicare Advantage plans, is now valued at $1.2 billion. Some of its backers include Alphabet's venture capital arm GV, Sequoia Capital and Floodgate.
As part of the latest funding round, Andrew Toy, Clover's chief technology officer, will take on the role of president and join the startup's board of directors.
"Clover's continuously improving economic fundamentals have allowed us to build sustainably, thoughtfully enter new markets and increase our overall membership by 35 percent during the last 12 months, compared with nationwide growth of 8 percent for Medicare Advantage overall," the company told TechCrunch.
"This has made Clover one of the fastest-growing insurers in [Medicare Advantage] over the past three years. That said, there is much more to accomplish, which is why I am so excited about entering this next phase in our company's history."