Minneapolis-based Bright Health has raised $500 million in another round of venture-capital fundraising that will help expand its geographic reach and add additional services.
The consumer-focused health care and technology company said on Tuesday that it picked up new investors in the latest round and has now raised more than $1.5 billion from venture-capital firms since 2016.
The insurer had 60,000 customers at the end of September 2019. It said in January that it would grow to at least 200,000 members this year.
New York-based investment firms Tiger Global Management and Blackstone and Baltimore-based T. Rowe Price are new participants in Bright Health's latest fundraising. Prior investors NEA, Bessemer Venture Partners and Greenspring Associates also participated in the latest round.
"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," said Mohamad Makhzoumi, general partner and head of health care investing at NEA, in a news release.
It has been a busy year for Bright Health with a big acquisition and expansion plans to new markets.
"At Bright Health we are leveraging our person-centric, intelligent technology platform to build a diversified and digitally integrated health care company," said Bright Health CEO G. Mike Mikan in a release.
On May 1, the company completed the acquisition of California-based health plan company Universal Care Inc. (dba Brand New Day) and on June 30 announced it would expand to six new markets in Florida, North Carolina and Illinois in 2021. Mikan also was promoted to CEO.
