The insurance company Bright Health has announced that it has managed to raise $200 million in its Series C funding round. The Series C round was oversubscribed.
The company’s existing investors: Cross Creek Advisors, Greenspring Associates, Bessemer Venture Partners, Flare Capital, Greycroft Partners, New Enterprise Associates, Redpoint Ventures and Town hall Ventures renewed continued placing their faith in Bright Health. While two new investors, declaration Partners and Meritech Capital also joined the funding round.
The company which provides - individual and family healthcare insurance and medicare plans- has raised more than $440 million over the three rounds of funding. The new round of funding has brought the company closer to the unicorn status. The funding will further help the company expand into new markets in the coming year and augment the company’s growth.
Commenting on receiving fresh funding, the company’s Chief Executive Officer Bob Sheehy said “We are honored to welcome these long-term investors to the Bright Health community as we look forward to what's ahead for the company. We are just getting started”.
It has been a good year for health insurance companies as quite a few of these companies combined have raised over a billion dollars.