MINNEAPOLIS, Sept. 22, 2020 /PRNewswire/ -- Today, Bright Health Inc. 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.
"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."
About Bright Health Inc
Bright Health Inc. is defining the future of health care by integrating financing, care delivery and technology to create a better performing health care experience for consumers. We offer diversified products across the ACA marketplace and Medicare Advantage and we'll be adding small group and employer-based plans in 2021. By aligning with our Care Partners, we provide consumers access to personalized care teams tailored to their individual needs. We give providers the tools they need to optimize their practices and deliver value-based care to the patients they serve. Driving it all is our person-centric, intelligent technology platform which connects consumers, payers and providers with the common purpose of lowering health care costs while improving outcomes, experience and access. We are making health care right. Together. Learn more at www.brighthealthinc.com.
SOURCE Bright Health