Bright Health Announces $200M Series C Round
Bright Health , an insurance company that provides exclusive Care Partner Health Plans for everyday individuals at competitive prices, has announced it has raised $200m in an oversubscribed Series C funding round. The financing includes two new investors, Declaration Partners and Meritech Capital, as well as existing investors Bessemer Venture Partners, Cross Creek Advisors, Flare Capital, Greenspring Associates, Greycroft Partners, New Enterprise Associates, Redpoint Ventures, and Town Hall Ventures.
Since early 2016, Bright Health has raised more than $440m in three rounds of equity financing in pursuit of its vision of ushering in the next generation of healthcare through its proven Care Partner Health Plan model, delivering efficiency, predictability and cost savings to members. The Series C funding will grow the company’s balance sheet and support ongoing expansion into new markets at a pace expected to exceed Bright Health’s growth in 2019.
“Bright Health has continued to execute at a fast pace towards our goal of disrupting the old health care model that places insurers at odds with providers. With our recently announced expansion, we will triple our geographic footprint in 2019. And Bright Health’s current high re-enrollment rate shows that consumers are ready for this improved healthcare experience – especially when it is priced competitively. We are honored to welcome these long-term investors to the Bright Health community as we look forward to what’s ahead for the company. We are just getting started.” – CEO of Bright Health, Bob Sheehy.
Launched in 2016, Bright Health’s innovative Care Partner Health Plan Model works exclusively with one health system per market to offer superior, integrated care that removes the friction that has traditionally existed between payers and providers. This relationship allows for coordination of services and administration to optimize consumer and patient experience.
Offering both Individual and Family Plans (IFP) and Medicare Advantage (MA) plans, Bright Health can support consumers from childhood through retirement, allowing them to build lifelong relationships with their providers who in turn are invested in their long-term health outcomes.
