Clover Health, a Medicare Advantage insurance company with offices in San Francisco and Jersey City, NJ, has raised $500 million led by Greenoaks Capital according to The Wall Street Journal.
The company plans to use this new investment to focus on growth, innovation, deepening its strong ties with physicians, and improving the quality of care members receive.
Clover says it has increased membership by 35% over the past 12 months and serves a very diverse market: 41% of members are Hispanic or African American, compared to the industry average of 25%.
Clover currently serves the following areas in seven states:
Arizona: Pima county
Georgia: Chatham county
New Jersey: Atlantic, Bergen, Burlington, Camden, Cumberland, Essex, Gloucester, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union counties
Pennsylvania: Bucks and Philadelphia counties
South Carolina: Charleston county
Tennessee: Davidson, Rutherford, and Williamson counties
Texas: Bexar and El Paso counties