Alphabet Inc. is investing $375 million in startup Oscar Health, Bloomberg News reported.

The funds will help support Oscar's planned 2020 entry into the market for privately administered health insurance plans for seniors, the report said, citing a statement from CEO Mario Schlosser.

Former YouTube LLC chief executive Salar Kamangar will be joining Oscar's board.

Prior to this investment, Oscar raised almost $900 million in previous funding rounds, securing a $3.2 billion valuation, according to the report. That included investments from various Alphabet subsidiaries.

New York-based Oscar started selling health plans in 2013 under the Affordable Care Act and now has about 240,000 members this year.

Oscar's co-founders include Schlosser and Josh Kushner, the brother of Jared Kushner, a senior adviser to and the son-in-law of President Donald Trump.

YouTube is a subsidiary of Alphabet.