Clover Health

Clover Health, founded in 2013, is a Medicare Advantage plan health insurer that uses a data-driven system to allow for more in-depth personalisation.

The venture leverages data science to explore the correlation between member experience and clinical outcomes, as part of efforts to make their home visits more effective. The Clover data analytics platform creates and monitors clinical profiles, which helps the venture reduce avoidable spending and combat chronic diseases by reporting back to the physicians, who can then suggest appropriate clinical measures.

2017 saw the venture valued at around $1.2bn. Since 2017, Clover has seen significant change at executive level, with former Airbnb COO joining the company as COO in 2017, and Andrew Toy joining the company as CTO in early 2018.

In March 2018, it was announced that Clover had posted a $22m loss in 2017 – up from a $35m loss in 2016. Vivek Garipalli, Co-Founder and CEO, predicted 2018 revenue of $330m.

Clover Health raised $500m in 2019, bringing the company's total funding to $925m to date. Its backers include GV, Sequoia Capital, Floodgate and more. As part of its funding round, CTO Andrew Toy gained the role of President, in addition to CTO. At the time of funding, Clover reported 40k members in the states of Arizona, Georgia, New Jersey, Pennsylvania, South Carolina, Tennessee and Texas, increasing its overall membership by 35% over the previous 12 months.

Clover Health announced an agreement in October 2020 which will see it become publicly traded at a valuation of around $3.7bn.

In January 2021 Clover Health began publicly trading on Nasdaq after a merger with blank check acquisition company, Social Capital Hedosophia III. Clover Health, which providers Medicare Advantage health plans, ended its first day of trading with a valuation of around $7bn.

In February 2021, Hindenburg Research claimed that Clover Health had not disclosed to its investors that it's under DOJ investigation for both its business model and software product. Clover Health has said it 'intends to cooperate' with the SEC investigation.

In June 2021 Clover Health experienced a surge in its share price after being targeted by Reddit forums who aim to punish short-sellers by driving up stock.

In July 2022 Clover expanded to 13 new counties as the startup focuses on its key growth markets, including Georgia where it has tripled its membership since the start of 2022. The company, which has around 85k members, also announced that it will exit two smaller markets in El Paso, Texas and in Pima, Arizona, as it faces increasing costs.

In April 2023  it implemented initiatives to transform and accelerate its path to profitability. It intends to move its core plan operations to UST HealthProof’s integrated technology platform and also implement a corporate restructure, that is expected to generate net annual cost savings of around $30m, beginning in 2024. Clover will continue to innovate with its strong benefits, wide provider network and differentiated capabilities in Clover Assistant and Clover Home Care. In addition to the UST HealthProof partnership, Clover also announced it recently reduced its workforce by 10%.