Insurtech start-up Clover Health is set to raise an additional $500m in Series E funding round led by Greenoaks Capital.
To be closed in the next few weeks, the latest round will bring the company’s total investment raised to $925m in venture funding.
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By GlobalDataFurthermore, the investment represents Clover’s first funding round since it raised a $130m Series D round in 2017, garnering a valuation of $1.2bn
In a blog post, Clover Health CEO and co-founder Vivek Garipalli said: “This significant investment represents recognition of Clover’s success in growing our core Medicare Advantage business as well as our ability to innovate and improve health outcomes for our members.”
Garipalli also announced that its chief technology officer Andrew Toy has been given the roles of president and board member.
Garipalli further stated: “But doing Medicare Advantage the right way is not easy. We are aiming to solve big problems and with that come big challenges.
“We know we have made mistakes along the way, but we have learned from those missteps and that has helped us become smarter, stronger and provide better outcomes for our members.
The start-up said that the proceeds will be invested on growth, innovation, and strengthen its collaboration with physicians, and improving the quality of care its members receive.
The company, founded in 2012, is backed by Alphabet’s venture arm GV, Floodgate, Sequoia Capital, Bracket Capital, First Round Capital among others.
