Google parent company Alphabet is planning to invest $375 million in Oscar Health, according to Wired.
Alphabet, an early investor in Oscar through its Capital G venture capital fund and its healthcare segment Verily, now owns about 10 percent of Oscar, Wired reports. In addition to the investment, Salar Kamangar, former YouTube CEO and one of Google's first employees, will join Oscar's board.
The investment will aid Oscar in expanding its technology, membership, markets and new business lines including Medicare Advantage in 2020.
Mario Schlosser, co-founder and CEO of Oscar, said in a prepared statement: "Oscar will accelerate the pursuit of its mission: to make our healthcare system work for consumers. We will continue to build a member experience that lowers costs and improves care, and to bring Oscar to more people."
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