Total amount raised
$7 Billions
Latest funding date
1/1/2021
Location
Clover Health has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company continues to innovate in the healthcare technology space, offering Medicare Advantage plans.
Keep reading to explore the intricacies of Clover Health's fundraising journey and the investors backing this forward-thinking platform.
What Is Clover Health?
Clover Health, founded in 2014 by Kris Gale and Vivek Garipalli, is a healthcare technology company based in Nashville, Tennessee. The company specializes in offering Medicare Advantage plans, utilizing patient-centered analytics and a dedicated care management team to enhance preventive care. With a workforce of 501-1000 employees, Clover Health aims to improve the quality of life for its members through innovative healthcare solutions.
How Much Funding Has Clover Health Raised?
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the company's technology and Medicare Advantage plans.
- Series A
- Amount Raised: $100M
- Date: September 2015
- Lead Investors: First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance the technology platform.
- Series B
- Amount Raised: $35M
- Date: December 2015
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and improve service offerings.
- Series C
- Amount Raised: $160M
- Date: May 2016
- Lead Investors: Greenoaks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand into new markets.
- Series D
- Amount Raised: $130M
- Date: May 2017
- Lead Investors: Greenoaks
- Valuation at Round: $1.2B
- Motivation Behind the Round: To enhance technology and increase membership.
- Series E
- Amount Raised: $500M
- Date: January 2019
- Lead Investors: Greenoaks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and improve economic fundamentals.
- Post-IPO Equity
- Amount Raised: $400M
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational improvements.
- Post-IPO Equity
- Amount Raised: $300M
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand and enhance technology capabilities.
Total Amount Raised: $1.625B. Current Valuation: Not publicly disclosed.
Key Investors
- Greenoaks Capital
- Details: Greenoaks Capital is a global investment firm that focuses on long-term investments in technology and consumer sectors. They have a reputation for backing innovative companies with strong growth potential.
- Investment Focus Areas: Technology, consumer, healthcare
- Notable Investments: Clover Health, Devoted Health
- Alphabet's venture arm GV
- Details: GV, formerly known as Google Ventures, is the venture capital arm of Alphabet Inc. They invest in startups across various stages and sectors, leveraging Google's resources to support their portfolio companies.
- Investment Focus Areas: Life sciences, healthcare, artificial intelligence, robotics, transportation, cyber security
- Notable Investments: Clover Health, Uber, Slack, Medium
- Sequoia Capital
- Details: Sequoia Capital is a renowned venture capital firm that has funded many of the world's most successful companies. They focus on early and growth-stage investments in various sectors.
- Investment Focus Areas: Technology, healthcare, consumer, financial services
- Notable Investments: Apple, Google, Oracle, PayPal, LinkedIn, WhatsApp
- Floodgate
- Details: Floodgate is an early-stage venture capital firm that invests in technology startups. They are known for their hands-on approach and support for entrepreneurs.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Twitter, Lyft, Okta
- First Round Capital
- Details: First Round Capital is a seed-stage venture firm that focuses on providing the first round of institutional capital to startups. They have a strong track record of identifying and nurturing early-stage companies.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Uber, Square, Warby Parker
What's Next for Clover Health?
As Clover Health looks to the future, the company is poised to capitalize on the growing Medicare Advantage market. With a current membership of 40,000 and annual revenue of $400 million, the potential for expansion into new markets and increasing its member base is substantial. Leveraging technology to improve medical outcomes and reduce costs remains a core strategy, aligning with industry trends favoring insurtech innovations.
Future fundraising opportunities appear promising, given the strong backing from top-tier investors like Greenoaks Capital and Alphabet's venture arm, GV. These funds will likely support Clover Health's growth initiatives and technological advancements. However, the company must navigate challenges such as managing financial losses and meeting growth expectations amidst competition from other well-funded insurtech startups.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Clover Health and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
