Bright Health raises $500 million in Series E funding

Bright Health, a Minneapolis-primarily based company providing fitness plan merchandise and clinical care delivery offerings, has raised $500 million in Series E funding.

Investors include funds and accounts recommended through Tiger Global Management, T. Rowe Price Associates and Blackstone, with follow-on investments from current buyers together with NEA, Bessemer Venture Partners and Greenspring Associates. The new funding brings the five-year-old agency up to more than $1.5 billion in equity financing.

Bright Health plans to apply the brand new budget for increase in its forty three markets, stated Cathy Smith, Bright Health’s CFO and CAO, in an interview. Smith joined the agency 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 agency boasts over $1.2 billion in annual net revenue, has more than 30 Care Partners, and offers fitness advantages insurance to over 200,000 members, in addition to delivers digital and direct clinical care offerings to extra than 120,000 patients.

Next up, the agency plans to feature small-organization and employer-based plans in 2021.