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Health insurance startup Oscar snags $80m

16 May 2014

medical monitorHealth insurance startup Oscar has secured $80m in a Series A round led by Formation8 Partners co-founder Joe Lonsdale.

Breyer Capital, Stan Druckenmiller, Founders Fund, Thrive Capital, Khosla Ventures and General Catalyst Partners also participated in the round.

Last year the company raised $75m, most of which was set aside for reserves as mandated by New York State’s Department of Financial Services.

Oscar said it will use the new funding to hire new staff and expand operations.

“There is a common misconception in the technology industry that raising capital is correlated with success,” said the company.

“Financing is not innovation, nor should it be celebrated. On the contrary, we have a tremendous amount of work to do.”

Last year Formation8 closed its first fund on almost $450m after a year on the road.

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