California health insurer gains $160M in Series C funding

Clover Health, a San Francisco-based health insurance startup, has obtained $160 million in Series C venture funding, setting its total raised in venture funding at almost $300 million, according to the San Francisco Business Times.

The round of funding was led by Greenoaks Capital, and various investors participated — including First Round Capital, Arena Ventures, FLOODGATE and Nexus Ventures.

The insurer, which focuses on the Medicare managed care market, nabbed $135 million in Series A and B funding last year, according to the San Francisco Business Times.

Clover Health provides enrollees with out-of-network benefits and lets them pay nothing for monthly premiums, copayments and generic prescriptions. It was founded in 2012.

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