MINNEAPOLIS, Dec. 17, 2019 /PRNewswire/ -- Bright Health, a diversified consumer-focused healthcare company, today announced the close of a $635M oversubscribed Series D funding round. 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.
"Real transformation will require disruption at every stage of the healthcare system and Bright Health designed its model with this in mind," said Mike Mikan, President and Vice Chairman of Bright Health. "By eliminating the friction that has traditionally existed between payers and providers, we are creating true alignment to drive down costs and improve health outcomes. This funding will bring us one step closer to creating a value-based healthcare system that streamlines the healthcare experience for the consumer."
The Series D funding round was 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.
"This marks NEA's fourth consecutive financing supporting Bright Health, demonstrating our unbridled enthusiastic conviction for this company," said Mohamad Makhzoumi, General Partner and head of healthcare services and healthcare IT investing at NEA. "Bright Health is changing the face of healthcare in America by putting patients first; it is our great privilege to continue supporting the Company and NEA is committed to their plans for future growth."
"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."
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).
About Bright Health
Bright Health is a diversified consumer-focused healthcare company, providing a broad range of benefits and services to consumers and care providers in local markets throughout the U.S. 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. Learn more at www.brighthealthinc.com.
SOURCE Bright Health