Bright Health: $500 Million In Series E Funding And $1.2 Billion In Net Revenue

By Amit Chowdhry ● September 24, 2020
  • Bright Health — a company that is defining the future of healthcare by integrating financing, care delivery, and technology — announced it has raised $500 million in Series E funding

Bright Health — a company that is defining the future of healthcare by integrating financing, care delivery, and technology — announced it has raised $500 million in Series E funding 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.

With this round of funding, Bright Health has raised more than $1.5 billion in equity financing since launching in early 2016. The proceeds of the funding — along with existing capital — will be used to accelerate the Company’s growth and diversification of the business and geographies in which it operates.

Currently, Bright Health operates in 43 markets and 13 states across the U.S. And the company also announced it is now hitting over $1.2 billion in annual net revenue.

The company also offers a diverse set of health plan products and everyday clinical care delivery services to consumers. And in alignment with over 30 Care Partners, Bright Health utilizes its integrated technology platform to provide health benefits coverage to over 200,000 members as well as delivering high-quality virtual and direct clinical care services to over 120,000 patients.

KEY QUOTES:

“At Bright Health we are leveraging our person-centric, intelligent technology platform to build a diversified and digitally integrated health care company. 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.”

— Bright Health CEO G. Mike Mikan

“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. 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.”

— Mohamad Makhzoumi, General Partner and Head of Healthcare Investing at NEA