Clover Health said in talks to go public through community capital III

The insurance startup, backed by Glober Health, Alphabet Inc. and Sequoia, is in advanced negotiations to go public with its merger with the blank-check company. Social Capital Hetosopia Holdings Corporation III, according to those familiar with the matter.

A deal could be announced soon this week, with people asking not to be identified as the information is private. Social Capital III raised $ 720 million in April, backed by venture capitalist Samad Palihapiti and long-term investor Ian Osborne.

Negotiations are ongoing and people said it could be further delayed or dropped. Representatives from Clover Health and Social Capital III declined to comment.

Clover Health, TechCrunch raised about $ 500 million in a round in January 2019 led by current investor Greenox Capital Reported at the time. The startup offers Medicare Advantage plans to 57,000 members in 34 counties across seven states in the United States News release In July. The company plans to expand to 74 more districts.

Community Capital, a partnership between Polyhapitiya and Osborne, elevated its first special purpose acquisition in 2017. Its offerings are increasing amid the growing popularity of investment vehicles. SPACs provide a quick path for companies who want to get listed without the risk or risk of initial public offering.

Collaboration Trying to raise According to information filed last month confirming the Bloomberg news report, at least $ 2 billion to three new blank check companies.

Social Capital Hetosopia Holdings Corporation II, another empty testing company by partnership, Agreed to merge Opendur last month with property technology. Social Capital’s first SPAC billionaire Richard Branson’s joint venture with Virgin Galactic Holdings Inc.

– With the help of Drew Armstrong and Katie Roof