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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

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Hospital crisis deepens as holiday season nears.
  2. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  3. Politics: Bipartisan group of senators seeks stimulus dealChuck Grassley returns to Senate after recovering from COVID-19.
  4. Economy: Wall Street wonders how bad economy has to get for Congress to act.
  5. 🎧 Podcast: The state of play of the top vaccines.
2 hours ago - Politics & Policy

Bipartisan group of senators seeks coronavirus stimulus deal

Sens. Joe Manchin (D-W.V.) and Susan Collins (R-Maine). Photo: Drew Angerer/Getty Images

At least eight Republican and Democratic senators have formed an informal working group aimed at securing new coronavirus spending during the lame-duck session, a move favored by President-elect Biden, two sources familiar with the group tell Axios.

Why it matters: It may be the most significant bipartisan step toward COVID relief in months.

FCC chairman to depart in January

FCC Chairman Ajit Pai. Photo: Alex Wong/Getty Images

Ajit Pai will leave his post as chairman of the Federal Communications Commission on Jan. 20, the agency said today.

Why it matters: Pai's Inauguration Day departure is in keeping with agency tradition, and could set up the Biden administration with a 2-1 Democratic majority at the FCC if the Senate fails to confirm another Trump nominee during the lame-duck period.