Bright Health sets sights on expansion with new $200M funding round

Insurance startup Bright Health closed its largest funding round to date, with plans to expand its footprint in 2020. The Minneapolis-based insurer announced it raised $200 million on Thursday in an “oversubscribed" series C, meaning it raised more money than intended. Bright Health has raised $440 million since it launched in 2016. The latest round included new investors from Meritech Capital and Declaration Partners. The company said the new investment would “grow the company’s balance sheet and support ongoing expansion into new markets at a pace expected to exceed Bright Health’s growth in 2019.” Bright Health announced a significant expansion over the summer, adding new Affordable Care Act marketplace plans in Arizona and Tennessee on top of its existing presence in Colorado and Alabama. The insurer has also entered the Medicare Advantage market in six states, including new markets this year in New York, Ohio and Tennessee.