A new health insurer is betting that it can enter a crowded, but lucrative market. In the meantime, health care stocks helped markets surge Tuesday.
The New York Times' Dealbook: Oscar, A New Health Insurer, Raises $30 Million
Most of the darlings of the last few years have been consumer-focused start-ups, like Instagram and Warby Parker. But a group of investors, including the venture capitalist Joshua Kushner, are doubling down on a bet on health insurance. Oscar, a health insurer co-founded by Mr. Kushner, has raised $30 million in new capital from existing investors, the firm plans to disclose this week. The financing was led by the Founders Fund, the venture capital firm co-founded by Peter Thiel. It also includes Mr. Kushner’s firm, Thrive Capital, Khosla Ventures and General Catalyst Partners (De La Merced, 1/7).
The Associated Press: Health Care Stocks Lead Wall Street Uptick
Stocks rallied Tuesday, ending a slump that had ushered in the new year. The Standard and Poor's 500 index climbed the most in three weeks, led by gains for health care stocks. UnitedHealth Group, the nation's largest health insurer, and Johnson & Johnson climbed on recommendations for brokerage firms (1/7).