Clover Health

01 / WHAT IT BUILT

What the company did

Clover Health is a New Jersey-based Medicare Advantage insurer founded in 2014 by Vivek Garipalli. It sells health insurance plans to seniors across multiple US states and touts a physician software tool called Clover Assistant, designed to help primary care doctors detect and treat disease earlier. The company went public on Nasdaq in January 2021 via a SPAC merger with Social Capital Hedosophia Holdings Corp. III, led by Chamath Palihapitiya.

03 / EVENT HISTORY

Events in the structured record

1. 2014
   Founded

   Vivek Garipalli founded Clover Health, a tech-enabled Medicare Advantage insurer, with Andrew Toy later joining as CTO and president.

2. 2019
   $500M fundraise

   The company raised $500 million in a round led by Greenoaks Capital at a $1.2 billion valuation.

3. 2021
   SPAC listing

   Clover Health went public in January 2021 via a SPAC merger valuing the company at $3.7 billion and raising $1.2 billion in proceeds, including a $100 million personal investment from Chamath Palihapitiya. A month later, short-seller Hindenburg Research published a report alleging an undisclosed DOJ inquiry, and the SEC opened an investigation.

4. 2023
   Restructuring

   The company cut 10% of its workforce and outsourced core Medicare Advantage plan operations to UST HealthProof, expecting $30 million in net annual savings beginning in 2024, and notified CMS it would exit the ACO REACH program.

5. 2024
   Continued operations

   Clover Health continued operating its Medicare Advantage business, narrowed its losses and turned adjusted EBITDA positive; it remained listed on Nasdaq. There was no bankruptcy, shutdown or acquisition event.