– Bright Health, a diversified consumer-focused healthcare company announced it has raised $635M in Series D funding led by NEA.
– The funding will be used to support Bright Health’s aggressive growth and hiring as the company continues to strategically expand across products, geographies and consumer bases.
– With this round, Bright Health has raised over a billion dollars in equity financing since early 2016, reaching “unicorn status” with a valuation of over $1B.
Bright Health, a diversified consumer-focused healthcare company announced it has raised $635M in Series D funding round led by NEA, with follow-on investments from Bessemer Venture Partners, Cross Creek Advisors, Declaration Partners, Flare Capital Partners, Greenspring Associates, Meritech Capital, Redpoint Ventures and Town Hall Ventures. With this round, Bright Health has raised over a billion dollars in equity financing since early 2016.
The new funding will be used to support Bright Health’s aggressive growth and hiring as the company continues to strategically expand across products, geographies and consumer bases. The company previously raised a $200M Series C (November of 2018), $160M Series B (May of 2017) and an $80M Series A (April of 2016).
Founded in 2015, Bright Health is a diversified consumer-focused healthcare company offering Individual & Family health insurance and Medicare Advantage plans with more coverage for less money. Through their innovative healthcare product offerings, Bright Health is combining care and coverage to create affordability for consumers. Their health plans, which include individual, family and Medicare Advantage plans, are available in 22 markets across 12 states. Working in close alignment with Care Partners and doctors to create a virtually integrated healthcare system, they connect their members to Personalized Care Teams, delivering high quality, more affordable everyday healthcare to consumers across the country.
In October, Bright Health announced its expansion into the state of Florida to begin offering individual and family plans and Medicare Advantage plans to residents across the state of Florida in 2020. To develop its health plans, Bright Health has worked in collaboration with several of the state’s leading health systems including AdventHealth, Ascension Health, and Tenet Health, among others. Bright Health has received regulatory approval from the Florida Office of Insurance Regulation and the Centers for Medicare & Medicaid Services (CMS) to offer health plans during this fall’s open enrollment period.
“The Series D funding marks not only a major investment in our company’s future but is an affirmation from our existing investors that we have tapped into an unmet consumer demand for a better healthcare experience,” said Bright Health CEO, Bob Sheehy. “Over the past four years, we have seen exceptional interest in our approach to transforming healthcare, which is reflected in our investors’ continued capital support, membership growth, and geographic expansion year-over-year.”