Health Plan Provider Bright Health Secures $500M Series E

Bright Health, a Minneapolis-based company offering health plan products and clinical care delivery services, has raised $500 million in Series E funding.

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Investors include 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. The new investment brings the 5-year-old company up to more than $1.5 billion in equity financing.

Bright Health plans to use the new funds for growth in its 43 markets, said Cathy Smith, Bright Health’s CFO and CAO, in an interview. Smith joined the company in January.

“We are going to accelerate our tech platform and strategy, which will include diversification and scaling of our health insurance products in the geographies we operate in, as well as expand our value-based care offerings,” she said.

The company boasts over $1.2 billion in annual net revenue, has more than 30 Care Partners, and provides health benefits coverage to over 200,000 members, as well as delivers virtual and direct clinical care services to more than 120,000 patients.

Next up, the company plans to add small-group and employer-based plans in 2021.

Illustration: Dom Guzman