Tech enabled health insurance startup Bright Health has announced a fresh $200 million. Declaration Partners and Meritech Capital led the latest financing which saw participation from existing investors that include Bessemer Venture Partners, Cross Creek Advisors, Flare Capital, Greenspring Associates, Greycroft Partners, New Enterprise Associates, Redpoint Ventures and Town Hall Ventures.
Started in 2015 by Kyle Rolfing, Robert J. Sheehy, Tom Valdivia, Bright Health offers various healthcare plans for individual, family. It currently offers Medicare advantages in cities like Alabama, Arizona, Colorado, New York City, Ohio, and Tennessee. The fresh funding takes the firm's total capital raised to $440 million. The fresh funding takes the valuation of the firm to $950 million. Now, if the firm manages to bag another investment round, the firm will enter the unicorn club.
Using the fresh funding, the firm plans to foray in the new markets and it aims to triple their reach in 2019. Hippo, Lemonade and Root Insurance are few of the competitors of the Minneapolis-headquartered firm. All the firms have raised funds and are doing exceptionally well in the tech-enabled insurance scene. Sheehy, the co-founder and the CEO of the firm through a statement said, “Bright Health has continued to execute at a fast pace towards our goal of disrupting the old health care model that places insurers at odds with providers.
Further talking about the online insurance services Sheehy added that the customers are fine and are happily want to use tech to purchase insurances online. However, he added that the customers want competitive pricing.
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