March 16, 2017
PUBLISHED BY Yuliya Chernova
SOURCE Wall Street Journal Pro
Health-insurance startup Clover Health is raising about $120 million in new capital at a valuation of more than $1 billion, according to a person familiar with the situation.
Clover Health aims to become what it calls “the largest health-care company in the U.S.,” according to a pitch deck seen by WSJ Pro Venture Capital. For now, the Jersey City, N.J., startup provides Medicare Advantage plans to seniors in New Jersey.
Clover Health is one of a few startups ambitious enough to launch their own insurance business, a highly regulated sector that requires large capital outlays.