Bright Health Secures $80 Million Series A Funding
Date: Friday , April 15, 2016
Bengaluru: Bright Health, the brand new health insurance startup, announces its $80 million Series A funding round led by Bessemer Venture Partners and New Enterprise Associates (NEA), with contribution from Flare Capital Partners. The company plans to support its nationwide rollout to the individual health insurance marketplace with the fresh fund.
The company\'s individual health insurance plans will be offered directly to consumers via broker partners and through public & private health insurance exchanges. Additional market expansion, care provider partnerships and Medicare Advantage Plans are planned for 2018 and beyond.
\"There\'s a better way to better health,\" says Bob Sheehy, Co-Founder & CEO, Bright Health. \"We are realigning the broken payer-provider relationship, focusing on the consumer and reimagining how technology can simplify the healthcare experience from beginning-to-end. Making that happen and starting a new health plan is no small feat, but we\'re confident we have the right team and model to create real and necessary change,\" he adds.
Stephen Kraus, Partner & Healthcare Investment Head, Bessemer Venture comments,\"We have invested in healthcare for more than 30 years and never before has the health insurance sector been so ripe for disruption. After spending lots of time looking at new entrants, we are convinced the Bright Health team is the most experienced and has the best vision for leading this change\".
Bright Health was founded in 2016 by Bob Sheehy, Tom Valdivia and Kyle Rolfing in Minnesota. The Company offers affordable health plans, simpler, more integrated technology experience and provides health systems compelling economic rewards for practicing efficient & high-quality healthcare.