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Alphabet-backed Clover Health posts $22M loss in 2017

Clover Health, an insurance startup backed by Alphabet Inc., reduced its loss last year as the health-care company seeks to inch its way beyond its first market in New Jersey.

By Lizette Chapman | Updated on March 01, 2018
Stock image The narrowing loss is a bright spot in an otherwise rough period for the four-year-old startup. (Photo: Shutterstock)

Clover Health, an insurance startup backed by Alphabet Inc., reduced its loss last year as the health-care company seeks to inch its way beyond its first market in New Jersey.

Despite being one of the most richly valued health-tech startups in the U.S., Clover only offered insurance to seniors living in New Jersey, until a recent expansion to parts of Georgia, Pennsylvania and Texas. The New Jersey operation lost $22 million last year, an improvement from a $35 million loss in 2016, Clover said. Revenue grew to $267 million from $184 million.

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