Health insurance company Bright Health has closed its Series E round on $500m, which brings its total capital raised to $1.5bn.
The investment was backed by Tiger Global Management, T. Rowe Price Associates, Blackstone and previous backers including NEA, Bessemer Venture Partners and Greenspring Associates.
Bright Health has earmarked the capital to accelerate the company’s growth and diversification, as well as its geographic expansion efforts.
Its platform is currently available in 43 markets and 13 US states. The company claims to have over $1.2bn in annual net revenue.
The company offers a range of health insurance plans that meet peoples specific needs.
Bright Health CEO G. Mike Mikan said, “At Bright Health we are leveraging our person-centric, intelligent technology platform to build a diversified and digitally integrated health care company.
“By aligning with our Care Partners, we have created a more personalized, affordable and convenient end-to-end health care experience for consumers. This funding allows us to continue to scale our transformative model and fulfil our purpose of lowering health care costs while improving outcomes, experience and access.”
The InsurTech platform secured $635m for its oversubscribed Series D round at the end of 2019. Backers included NEA, Bessemer Venture Partners, Cross Creek Advisors, Declaration Partners, Flare Capital Partners, Greenspring Associates, Meritech Capital, Redpoint Ventures and Town Hall Ventures.
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