Bright Health, a Minneapolis-based new health insurance startup, secured $80m in Series A funding.
The round was led by Bessemer Venture Partners and New Enterprise Associates (NEA), with participation from Flare Capital Partners and others.
The company will use the funds to support its nationwide rollout to the individual health insurance marketplace.
Led by Bob Sheehy, co-founder and chief executive officer (CEO), Kyle Rolfing, co-founder and president, and Tom Valdivia, MD, MS, chief medical officer, Bright Health offers affordable individual health insurance plans, an integrated technology experience, and provides health systems with economic rewards for practicing efficient healthcare.
The company plans to enter its first market and enroll members for the 2017 plan year. The company’s plans will be offered directly to consumers, via broker partners, and through public and private health insurance exchanges.
Additional market expansion, care provider partnerships and Medicare Advantage Plans are planned for 2018 and beyond.