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

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.