Bright Health raises $635m in oversubscribed Series D

Bright Health, which offers a selection of healthcare benefits, has raised $635m in an oversubscribed Series D round.

Capital from the round will be used to support its growth plans and its hiring efforts as it looks to expand its products, geographies and consumer bases.

The round was led by NEA, with contributions also coming from Bessemer Venture Partners, Cross Creek Advisors, Declaration Partners, Flare Capital Partners, Greenspring Associates, Meritech Capital, Redpoint Ventures and Town Hall Ventures.

US-based Bright Health is a health insurance and technology company supporting individual and family policies and medicare.

Bright Health president and vice chairman Mike Mikan said, “Real transformation will require disruption at every stage of the healthcare system and Bright Health designed its model with this in mind.

“By eliminating the friction that has traditionally existed between payers and providers, we are creating true alignment to drive down costs and improve health outcomes. This funding will bring us one step closer to creating a value-based healthcare system that streamlines the healthcare experience for the consumer.”

With the new capital injection, Bright Health has raised more than $1bn in equity since 2016. The company raised its Series C in December 2018 on $200m and a $160m Series B in 2017.

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