Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
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Oscar Health files for IPO
Health insurance company Oscar Health filed an S-1 registration document with the U.S. Securities and Exchange Commission on Friday. The company reported more than $488 million in revenue in 2019, up around 5 percent from around $463 million in 2018.
Its losses also shrunk in that period, from nearly $406 million in 2018 to around $261 million in 2019. The company has around 529,000 members across 18 states.
Oscar’s health insurance model includes free virtual care appointments and a program for Medicare-eligible adults.
The company, which was co-founded by Josh Kushner, founder of Thrive Capital, raised more than $1.6 billion in funding from investors including Founders Fund, Thrive Capital, CapitalG and Fidelity.
— Sophia Kunthara
Imperfect Food’s Series D reaches $110M
Sustainable online grocer Imperfect Foods said Friday that investors added $15 million to its previously announced $95 million in Series D funding, bringing the total round to $110 million.
New investors coming on board this time include Hamilton Lane and Blisce. Insight Partners and Norwest Venture Partners led the initial Series D in January.
San Francisco-based Imperfect Foods cited triple-digit growth between 2019 and 2020, growing its customer base to more than 350,000 customers, and finished out the year with a revenue run rate in excess of $500 million. During that time, it also transitioned to a national full-service grocer.
The company intends to use the funding to double capacity and product assortment in existing facilities and accelerate its private-label program, as well as support shoppers, farmers and partners. With the new funding, Imperfect Foods has raised a total of $229.1 million in funding since it was founded in 2015, according to Crunchbase data.
— Christine Hall
New Funds
Frontline raises $84M for third seed fund: Frontline Ventures, a seed investor focused on European startups, raised 70 million euros ($84 million) for a third fund that will focus on B2B companies with plans to scale in North America.
— Joanna Glasner
IPOs
Kuaishou stock more than doubles after IPO: The price of shares of China-based Kuaishou Technology, an online video platform and TikTok rival, more than doubled in first-day trading as the stock debuted in Hong Kong after raising $5.4 billion in its IPO. (See more here.)
— Joanna Glasner
Enterprise Software
Infinitus lands $21.4M for health care automation: Infinitus, a startup developing voice robotic process automation tools for the health care industry has raised $21.4 million in a Series A round led by Kleiner Perkins and Coatue.
— Joanna Glasner
Illustration: Dom Guzman
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