Bright Health Inc. recently announced a $500 million Series E funding round with significant investments by funds and accounts advised by Tiger Global Management, T. Rowe Price Associates and Blackstone, with follow-on investments from existing investors including NEA, Bessemer Venture Partners and Greenspring Associates.
Healthcare in the USA is notoriously expensive, so using technology to narrow down patient needs and deliver treatments faster, plus allow consumers to choose their own levels of healthcare insurance and medical treatment plans, is arguably the way ahead for many on relatively modest incomes.
“At Bright Health we are leveraging our person-centric, intelligent technology platform to build a diversified and digitally integrated health care company,” said G. Mike Mikan, Bright Health’s CEO. “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.”
With this fundraise, Bright Health Inc. has raised over $1.5 billion in equity financing since early 2016. The proceeds, along with the existing capital, will be used to accelerate the Company’s growth and diversification of the business and geographies in which it operates.
Bright Health Inc. operates in 43 markets and 13 states across the U.S. Boasting more than $1.2 billion in annual net revenue and an industry-leading medical care ratio, the Company offers a diverse set of health plan products and everyday clinical care delivery services to consumers. In alignment with its over 30 Care Partners, Bright Health leverages its integrated technology platform to provide health benefits coverage to over 200,000 members, as well as deliver high-quality virtual and direct clinical care services to over 120,000 patients.
“In under four years, we’ve witnessed the evolution of Bright Health from a startup into a diversified industry leader with the ability to accelerate growth across every part of the health care sector,” said Mohamad Makhzoumi, General Partner and Head of Healthcare Investing at NEA. “NEA has backed Bright Health from the very beginning and we are privileged to continue helping the team transform how health care is delivered and paid for in this country.”