Clover Health, a San Francisco healthcare coordination startup that provides Medicare Advantage insurance and benefits to New Jersey residents, has raised $130 million to amplify its customer base by adding as many as three states by October, according to a report by Bloomberg this week.
GV, the venture arm of Google’s parent company Alphabet, was among the investors in the funding round. The new fundraise follows a $160 million Series C round for Clover in 2016.
Vivek Garipalli, Clover CEO and cofounder, said he started the business in 2014 because of what he saw as the basic inequality of insurance coverage. He also wanted to help people overcome barriers to accessing healthcare. The company organizes disparate sources of data, such as lab results, prescriptions and electronic medical records to identify gaps in care. It dispatches nurse practitioners to patients’ homes when they show signs they need an intervention such as when they miss a doctor’s appointment or don’t take their medication.
Although Clover sets itself apart from fellow tech-driven health insurance startup Oscar with its focus on the aging population, they both are competing against national payers. They have also raised considerable funds to scale their businesses, vaulting their valuations into the realm of unicorns.
Also this week, a predictive analytics startup founded by former Aetna chief medical officer added another investor to its Series A round. HealthReveal raised a $10.8 million Series A earlier this year with GE Ventures leading the round, with participation from Greycroft Partners, Flare Capital Partners and Manatt Ventures. This week it added Northwell Ventures to its backers. Its care coordination technology is designed to support people with chronic conditions to support intervention before hospitalization is required for stroke, heart failure, end stage renal failure and advanced cancer, a company statement said.
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