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Josh Kushner's health care startup is now worth $3.2 billion

Dan Primack, author of Pro Rata

Oscar co-founder Joshua Kushner, attending March For Our Lives in Washington, D.C. Photo by John Lamparski/WireImage.

Oscar, the health insurance startup co-founded by Joshua Kushner and Mario Schlosser, has raised $165 million in new venture capital funding. A source puts the post-money valuation at $3.2 billion, which is up from $2.7 billion in early 2016.

Why it matters: Oscar's growth makes it a possible takeover candidate in what has become a very hot M&A market for health care services, even if it continues to be unprofitable.

One possibility is that a rival insurer could make a play, hoping to improve its technology and telemedicine offerings. Another is that a pharmacy or other type of complimentary health care company could seek to add an insurance arm.

  • Deal details: Existing investor Founders Fund led the round, and was joined by 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, and Kushner's Thrive Capital. Founders Fund is known as Peter Thiel's firm, but the Oscar investment has always been led by a different partner, Brian Singerman.
  • Go deeper: Oscar nears $1 billion in revenue, but heavy losses persist.

Go deeper

Alison Snyder, author of Science
1 hour ago - Science

COVID time warp

Illustration: Sarah Grillo/Axios

The start of the COVID-19 pandemic seems like a lifetime ago to some, and just yesterday to others. Scientists are beginning to unpack the way people processed the passage of time amidst the stress, uncertainty and isolation of the 1 year, 8 months and 21 days since WHO declared a pandemic.

Why it matters: The pandemic's global effects on how people experience time could provide new insights into the brain's ability to perceive and predict time — a fundamental feature of life.

Go deeper (3 min. read)Arrow
Erin Doherty
3 hours ago - Politics & Policy

Mitt Romney calls Ray Dalio's China investments a "sad moral lapse"

Sen. Mitt Romney walks to a Senate Republican caucus meeting at the Capitol on Oct. 7. Photo: Stefani Reynolds/Bloomberg via Getty Images

Sen. Mitt Romney (R-Utah) on Thursday criticized billionaire Ray Dalio's investments in China, writing in a tweet that "his feigned ignorance of China's horrific abuses and rationalization of complicit investments there is a sad moral lapse."

Driving the news: Romney's comments come after Dalio's firm, Bridgewater Associates, the largest hedge fund in the world, raised $1.3 billion in November for a new private fund in China, Bloomberg reports.

Go deeper (<1 min. read)Arrow
Axios
Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: First known U.S. case of Omicron variant identified in California — America probably won't lead the effort to understand Omicron — CDC prepares tougher testing rules for international travelers.
  2. Politics: Omicron travel bans are sign of what's to come — Meta removes accounts linked to COVID disinformation effort by China.
  3. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  4. World: Germany approves new restrictions for unvaccinated people — Omicron variant detected in more countries — WHO advises people 60 or older to postpone travel due to Omicron
  5. Variant tracker: Where different strains are spreading.
Go deeper (1 min. read)Arrow