Clover Health is in the process of raising $120 million in a round that would value the health insurance company at more than $1 billion, according to The Wall Street Journal. Existing investor Greenoaks Capital Management is said to be leading the new funding for Clover, which offers a health insurance platform and provides data meant to help doctors and patients manage chronic conditions.
Fellow tech-enabled health insurance company, Oscar Health, became a member of the unicorn club in 2015, when it raised a $145 million round at a $1.5 billion post val. The company’s valuation has since risen to $2.7 billion after it raised a massive $400 million financing in February 2016.
With Clover’s new funding, it appears investors are willing to pour even more capital into the industry where technology meets health insurance, even with the inherent uncertainty that surrounds the space. Here’s a look at the startup’s funding history, along with valuations associated with each round: