# Clover Health

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/clover-health

- Industry: Insurance
- Headquarters: Jersey City, US
- Website: www.cloverhealth.com
- Total disclosed funding: $838M
- Latest round: Series E (Jan 29, 2019)
- Investors on record: 18

## About

Clover Health Inc. is a health insurance company that specializes in Medicare Advantage plans, offering innovative, technology-driven healthcare solutions for Medicare beneficiaries across the United States.Clover Health Inc. was founded in 2014 in Jersey City, US, as a health insurance provider focused on Medicare Advantage plans. The company has undergone significant growth, raising USD 300 mn in a Private Placement/Follow on in November 2021. The funding aims to support working capital and general corporate purposes. Clover operates under the leadership of CEO Andrew Toy and co-founders Vivek Garipalli, Aric Sharp, and Brady Priest. It has completed 9 deals to date, with its most recent deal occurring on November 17, 2021.Clover Health primarily offers Medicare Advantage plans, which include Preferred Provider Organization (PPO) and Health Maintenance Organization (HMO) models. These plans provide comprehensive healthcare coverage for Medicare beneficiaries with a focus on cost efficiency, featuring additional benefits like dental, vision, and hearing services. The company ensures access to a network of in-network doctors and pharmacies and facilitates telehealth appointments for enhanced convenience. Clover Health markets its products in states such as Georgia, New Jersey, Pennsylvania, South Carolina, and Texas, focusing on senior citizens and eligible Medicare individuals.In 2023, Clover Health reported a revenue of USD 2,033.72 mn, with an EBITDA of USD 211.05 mn. The company's revenue is primarily generated through Medicare Advantage plans, where clients pay monthly premiums, often subsidized through government programs, which support competitive pricing strategies.Clover Health plans to leverage its recent funding of USD 300 mn raised in November 2021 to expand and enhance health outcomes for seniors across the United States. The company is currently strategizing on launching new Medicare Advantage products tailored for specific market needs. Furthermore, Clover aims to extend its services into additional states, with specific targets for growth regions expected to be outlined in the upcoming fiscal periods. This strategic expansion aligns with the funding's purpose for advancing research and development in accessible healthcare.

## Funding rounds

- Series E, Jan 29, 2019, $500M — Greenoaks Capital
- Series D, May 10, 2017, $130M — Hong Shan, Western Technology Investment, First Round Capital, GV, Greenoaks Capital, Palm Drive Capital
- Series C, Apr 19, 2016, $160M — Hong Shan, Spark Capital, First Round Capital, Nexus Venture Partners, Greenoaks Capital, Floodgate, Casdin Capital, Social Capital, AME Cloud Ventures, Arena Ventures, Wildcat Venture Partners, Refactor Capital
- Series B, Dec 3, 2015, $35M — Hong Shan, First Round Capital, Athyrium Capital Management
- Series A, Apr 24, 2015, $13M — First Round Capital, Athyrium Capital Management, Grape Arbor VC, Brainchild Holdings

## Investors

- First Round Capital (https://capitalatlas.ai/funds/first-round-capital) — Series A, Series B, Series C, Series D
- Athyrium Capital Management (https://capitalatlas.ai/funds/athyrium-capital-management) — Series A, Series B
- Grape Arbor VC — Series A
- Brainchild Holdings (https://capitalatlas.ai/funds/brainchild-holdings) — Series A
- Hong Shan — Series B, Series C, Series D
- Spark Capital — Series C
- Nexus Venture Partners (https://capitalatlas.ai/funds/nexus-venture-partners) — Series C
- Greenoaks Capital (https://capitalatlas.ai/funds/greenoaks-capital) — Series C, Series D, Series E
- Floodgate (https://capitalatlas.ai/funds/floodgate) — Series C
- Casdin Capital (https://capitalatlas.ai/funds/casdin-capital) — Series C
- Social Capital (https://capitalatlas.ai/funds/social-capital) — Series C
- AME Cloud Ventures (https://capitalatlas.ai/funds/ame-cloud-ventures) — Series C
- Arena Ventures (https://capitalatlas.ai/funds/arena-ventures) — Series C
- Wildcat Venture Partners (https://capitalatlas.ai/funds/wildcat-venture-partners) — Series C
- Refactor Capital (https://capitalatlas.ai/funds/refactor-capital) — Series C
- Western Technology Investment (https://capitalatlas.ai/funds/western-technology-investment) — Series D
- GV (https://capitalatlas.ai/funds/gv) — Series D
- Palm Drive Capital (https://capitalatlas.ai/funds/palm-drive-capital) — Series D