Clover Health Arrests $160 Million to Enhance Health Insurance Technology
Date: Friday , June 03, 2016
Clover Health, a data driven health insurance startup, closes $160 million in series C round, bringing the total fund raised to $295 million till date. Greenoaks Capital leads this round with participation from AME Cloud Ventures, Arena Ventures, Casdin Capital, FLOODGATE, Nexus Venture Partners, Refactor Capital, Sequoia Capital, Social Capital, Spark Capital and Wildcat Venture Partners. Post this funding, Benny Peretz, Partner of Greenoaks Capital, will join Clover\'s Board of Directors.
Last year, Clover had also closed its $100 million worth Venture funding round and $35 million worth series B funding round from First Round, Athyrium Capital Management and Sequoia Capital. Leveraging this fresh capital from the latest round, the startup will continue improving its technology and expand its business operations to new markets.
Conceptualized by Kris Gale and Vivek Garipalli in 2014, Clover Health is a unique health insurance plan focused on driving down costs and producing improved health outcomes. Clover\'s Medicare is structured based on technology from the ground-up; integrating its systems with doctors, clinicians, and nurse practitioners, Clover\'s data team helps healthcare professionals in the field intervene directly into patients\' wellness to help them avoid acute health episodes.
Aiming to offer better and more affordable health care to consumers, currently Clover also analyzes lab data to identify patients who are in danger of serious illness, such as diabetes. The goal is to counsel them before they require costly treatments. Headquartered in San Francisco, California, it is currently available in New Jersey, but it will soon expand to new regions with the latest round of funding.