Bright Health is always working to innovate healthcare systems and evolve as a company, and that sometimes lands us in the news. Stay connected to what we're doing across the country with press releases, news articles, and interviews.
Narrow networks have gained popularity among insurers over the last several years, and 2019 is no different. Much of the growth has come from EPOs, an approach that is favored by insurance startups like Oscar Health, Devoted Health and Bright Health, which create hypernarrow networks with what they deem to be high-quality providers. Nearly 20% of plans have EPOs compared to 11% in 2016.
November was one of the most active months for venture capital fundings in Minnesota this year.
Unsurprisingly, the largest raise on our list this month was Bright Health’s $200 million Series C – likely the largest venture capital raise in Minnesota history. The previous holder of that record? Bright Health. Just last year, the company raised $160 million. Minneapolis-based Bright has now raised more than $440 million since it was founded in 2016.
Financial-technology startup Sezzle also closed on a large round of $100 million. This was Sezzle’s second funding of the year. This spring, the company raised $8 million after revamping its business model.
Total VC fundraising in healthcare is up 50% this year from 2017. With one month to go in 2018, healthcare startups have raised $28.8 billion, compared with $19.12 billion this time last year. And in healthcare services, insurance business Bright Health raised $200 million in a Series C from investors such as Bessemer Venture Partners, Greycroft Partners and former acting administrator of the Centers for Medicare & Medicaid Services Andy Slavitt's VC fund Town Hall Ventures.
Bright Health, an insurance company that provides exclusive Care Partner Health Plans for everyday individuals at competitive prices, today announced it has raised $200 million in an oversubscribed Series C funding round. The financing includes two new investors, Declaration Partners and Meritech Capital, as well as existing investors Bessemer Venture Partners, Cross Creek Advisors, Flare Capital, Greenspring Associates, Greycroft Partners, New Enterprise Associates (NEA), Redpoint Ventures, and Town Hall Ventures.
A flurry of digital-first insurers are betting they can surpass industry incumbents with a little help from technology and a lot of help from venture capitalists.
The latest to land a massive check is Bright Health, a Minneapolis-headquartered provider of affordable individual, family and Medicare Advantage healthcare plans in Alabama, Arizona, Colorado, New York City, Ohio and Tennessee. The company, founded by the former chief executive officer of UnitedHealthcare Bob Sheehy; Kyle Rolfing, the former CEO of UnitedHealth-acquired Definity Health; and Tom Valdivia, another former Definity Health executive, has brought in a $200 million Series C.