Bright Health Raises $160 Million in Series B Funding Round

Proceeds will fuel growth and market expansion

MINNEAPOLIS & NEW YORK--()--Consumer-driven healthcare company Bright Health announced today it has raised $160 million in a Series B funding round led by Greenspring Associates and joined by new investors Greycroft Partners, Redpoint Ventures and Cross Creek Advisors. Existing lead investor New Enterprise Associates (NEA), as well as Bessemer Venture Partners and Flare Capital Partners also participated in the round. Bright Health will use the funding to fuel growth and support its mission to transform the healthcare system through its Care Partnership model.

“We are a committed leader in the transformation of healthcare delivery to meet the needs of consumers. Our partnership with Bright Health aligns with our goal to increase consumers’ access to convenient, high-quality, affordable care and deliver optimum health value.”

“Bright Health is committed to offering affordable and higher quality healthcare to individuals and their families,” said Bob Sheehy, Bright Health’s co-founder and chief executive officer. “Leading health systems across the country are developing new models to transform the healthcare market in local communities. Bright Health collaborates with these systems to create a proprietary Care Partnership. Our Care Partnership is designed to drive down healthcare costs, improve clinical outcomes, and enhance consumer and provider satisfaction. The result is a reimagined healthcare experience.”

Said Gary Campbell, CEO of Centura Health, a leading regional health system in Colorado and western Kansas, “We are a committed leader in the transformation of healthcare delivery to meet the needs of consumers. Our partnership with Bright Health aligns with our goal to increase consumers’ access to convenient, high-quality, affordable care and deliver optimum health value.”

Bright Health entered the Colorado market for the 2017 plan year. The company’s health insurance plans are offered directly to consumers, via broker partners, and through public and private health insurance exchanges. Additional markets, Care Partnerships, and Medicare Advantage Plans are planned for 2018 and beyond.

Mohamad Makhzoumi, General Partner and Head of the Healthcare Services/Healthcare IT practice at NEA stated, “We’re thrilled to continue our partnership with Bright Health to disrupt a complicated industry where consumers are demanding change and leading health systems are hungry to deliver. Bright Health has an experienced leadership team with substantial healthcare, informatics, and consumer expertise, as well as a differentiated model that has it poised for continuing growth. The success of this financing round is a testament to the company’s vision and the market’s confidence in their ability to execute.”

About Greenspring Associates

Established in 2000, Greenspring Associates provides venture capital solutions to a diverse group of institutions and individuals worldwide. Through a synergistic platform, Greenspring Associates invests in established and emerging fund managers, in expansion stage companies and in secondary investments in venture capital funds and companies. Greenspring Associates currently manages over $5.2 billion in assets across multiple strategies. For more information on Greenspring Associates, please visit www.greenspringassociates.com.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $19 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions. For additional information, visit www.nea.com

About Centura Health

Centura Health connects individuals, families and neighborhoods across Colorado and western Kansas with more than 6,000 physicians and 21,000 of the best hearts and minds in health care. Through our 17 hospitals, two senior living communities, health neighborhoods, physician practices and clinics, home care and hospice services, and Flight For Life® Colorado, we are making the region’s best health care accessible and affordable in every community we serve. We believe you can inspire the people you care about to live healthier lives by encouraging them to do the little things that can make a big difference. We’re Centura Health, and we’re here for your health. For information on Centura Health or any of the facilities in our network, please visit the Centura Health website.

About Bright Health

Bright Health delivers a smarter, more connected healthcare experience. From the company’s exclusive partnerships with leading health systems, to affordable health insurance plans and its simple, friendly approach to technology, Bright Health is reshaping how people and providers achieve better health together. Bright Health co-founders include Bob Sheehy, former CEO of UnitedHealthcare; Kyle Rolfing, co-founder and former CEO of Definity Health and RedBrick Health; and Tom Valdivia, MD, MS, former chief health consumer officer of Definity Health. The company is headquartered in Minneapolis, with offices in New York, Denver and Austin, Texas. Learn more at www.brighthealthplan.com.

Contacts

Padilla (for Bright Health)
Shawn Brumbaugh, 612-455-1754
shawn.brumbaugh@padillaco.com
or
Centura Health
Jennifer Wills, 303-673-8222
jenniferwills@centura.org

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