San Francisco-based health insurance company Clover Health has secured $500 million in Series E funding, according to company database Crunchbase, topping the city's recent funding headlines. The cash infusion was announced January 29 and financed by Greenoaks Capital.
According to its Crunchbase profile, "Clover Health is reinventing the health insurance model by integrating technology into every aspect of its members' healthcare. The Clover data and analytics platform uses continuous, real-time monitoring to prevent hospital admissions, reduce avoidable spending, and identify and better manage chronic diseases."
The six-year-old company has raised five previous funding rounds, including a $130 million Series D round in 2017.
The round brings total funding raised by San Francisco companies in financial services over the past month to $856 million. The local financial services industry has seen 225 funding rounds over the past year, raking in a total of $4.8 billion in venture funding.
In other local funding news, social bookmarking and news company Reddit announced a $300 million Series D funding round on February 11, led by Tencent Holdings.
According to Crunchbase, "Reddit is a platform for online communities to submit links, create content, and have discussions about whatever topic that interests them. Users can post links to content on the web and then the other users can vote the posted links up or down, causing them to appear more or less prominently on the site's home page. The site has discussion areas where users can discuss the posted links, and vote for or against others' comments."
Founded in 2005, the company has raised three previous rounds, including a $200 million Series C round in 2017.
Meanwhile, information technology company Databricks raised $250 million in Series E funding, announced on February 5. The round's investors were led by Andreessen Horowitz.
From the company's Crunchbase profile, "Databricks' mission is to accelerate innovation for its customers by unifying Data Science, Engineering and Business. Founded by the team who created Apache Spark, Databricks provides a Unified Analytics Platform for data science teams to collaborate with data engineering and lines of business to build data products. Users achieve faster time-to-value with Databricks by creating analytic workflows that go from ETL and interactive exploration to production."
Databricks last raised $140 million in Series D funding in 2017.
Also of note, cannabis company Flow Kana raised $125 million in Series B funding, announced on February 14 and financed by Gotham Green Partners.
From Crunchbase, "Flow Kana is the first sustainable, sun-grown cannabis brand to represent California's special micro-climates and the small-farmer ecosystem. We partner with independently owned family farms to provide a scalable platform that allows them to tell their story, distribute their products statewide and focus on doing what they love: farming regeneratively and sustainably - and all the while keeping the value they create within their local communities."
The company previously raised $22 million in Series A funding in 2018.
Rounding out the city's recent top local funding events, financial exchange company Kraken Bitcoin Exchange raised $100 million in a Series C round, announced on February 4.
From Crunchbase, "Based in San Francisco, Kraken is a bitcoin exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen. It is known as the first to have the trading price and volume displayed on the Bloomberg terminal as well as to pass a cryptographically verifiable proof-of-reserves audit. Its clientele is comprised of numerous traders, Tokyo government's court-appointed trustee, and Germany's BaFin regulated Fidor Bank."
The company previously raised Series B funding in 2016.
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Clover Health, Reddit, and Databricks top San Francisco's recent funding news