Bright Health raises $500M Series E funding from Tiger Global Management, T. Rowe Price Associates, others, to offer health insurance plans directly to consumers
A little less than a year ago we told you about Bright Health after the health technology startup raised $635M Series D led by NEA to support its aggressive growth and hiring as the company continues to strategically expand across products, geographies, and consumer bases. Since then, Bright Health has seen explosive growth.
As a sign of investors’ confidence in Minneapolis-based startup, Bright Health announced today it has raised a whopping $500 million Series E funding round to accelerate the Company’s growth and diversification of the business and geographies in which it operates. The round, which brings Bright Health total funding raised to over $1.5 billion in equity financing since early 2016, was backed by Tiger Global Management, T. Rowe Price Associates, and Blackstone.
The funding round marks the first equity investment in the Company by Tiger Global Management, T. Rowe Price Associates, and Blackstone. Bright Health continues to maintain strong support from existing investors, including NEA, Bessemer Venture Partners, and Greenspring Associates.
Founded in 2015 by Kyle Rolfing, Robert John Sheehy, and Tom Valdivia, the Minneapolis, Minnesota-based Bright Health provides its health insurance plans directly to consumers via broker partners, and through public and private health insurance exchanges.
Bright Health 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.
“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.”
Below is a timeline of Bright Health funding.