- The funding round marks the first equity investment in the
Company by Tiger Global Management, T. Rowe Price Associates and Blackstone
- Bright Health maintains strong
support from existing investors, including NEA, Bessemer Venture Partners and
Greenspring Associates
NEWS PROVIDED BY Bright
Health Sep 22, 2020, 06:00 ET
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
Related
Links
http://www.brighthealthinc.com
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