Minneapolis based health plan company, Bright Health Inc. raised US$ 500M in a Series E funding on 23 September 2020. The total value of funds raised by Bright Health to date stands at US$ 1.6B.
The participants in the Series E round include Tiger Global Management, T. Rowe Price Associates and Blackstone, and existing investors NEA, Bessemer Venture Partners and Greenspring Associates.
The proceeds of the funding will be utilized to accelerate Bright Health’s growth and diversification of the business and geographies in which it operates.
The company’s Series D round in December 2019 had netted a significant amount of investment – US$ 635M, indicating that interest in Bright Health’s mission has grown stronger.
About Bright Health
Founded in 2016 by Kyle Rolfing, Robert John Sheehy and Tom Valdivia, Bright Health offers a diverse set of health plan products and everyday clinical care delivery services to consumers. It has a pool of over 30 Care Partners and a network of doctors, clinics and hospitals. Bright Health leverages its integrated technology platform to provide health benefits coverage to over 200,000 members. It delivers high-quality virtual and direct clinical care services to over 120,000 patients as well.
Bright Health provides its health insurance plans directly to consumers via broker partners, and through public and private health insurance exchanges. It also gives tools that the providers need to optimize their practices and deliver value-based care to the patients they serve. It has a person-centric, intelligent technology platform that connects consumers, payers, and providers with the common purpose of bringing health care costs down and improving patient experience.
Bright Health is operating in 43 markets and 13 states across the U.S. The company claims to have more than US$ 1.2 billion in annual net revenue and an industry-leading medical care ratio. The company is led by CEO G. Mike Mikan.
“This funding allows us to continue to scale our transformative model and fulfill our purpose of lowering healthcare costs while improving outcomes, experience and access,” said Mike Mikan. “By aligning with our Care Partners, we have created a more personalized, affordable and convenient end-to-end health care experience for consumers. This funding allows us to continue to scale our transformative model and fulfill our purpose of lowering health care costs while improving outcomes, experience and access.”
As Bright Health aims to transform the MedTech industry, its rapid growth despite ongoing market difficulties caused by COVID-19 is an achievement for the company and its investors.
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