Sep 23, 2020

Bright Health secures US$500m in Series E funding round

Bright Health
NEA
Insurtech
healthcare
William Girling
2 min
Bright Health's highly successful Series E funding round indicates that enthusiasm for its simplified experience isn't waning
Insurtech unicorn Bright Health has announced a significant Series E round, wherein US$500m was raised to further develop its platform...

Insurtech unicorn Bright Health has announced a significant Series E round, wherein US$500m was raised to further develop its platform.

Investors to the round included Blackstone, Tiger Global Management and T. Rowe Price, in addition to previous backers NEA, Greenspring Associates and Bessemer Venture Partners.

Placing tenth on our list of insurtech unicorns, this latest development brings the total capital invested in Bright Health to $1.5bn since it was founded four years ago.

Created in order to address the myriad complexities of the health insurance industry, the company’s Series D round in December 2019 also netted a significant amount of investment ($635m), indicating that interest in Bright Health’s mission has not waned.

People-centric insurance

The company now operates in over 43 markets across 13 US states, providing benefits cover to over 200,000 people and care services to more than 120,000 patients. It generates approximately $1.2bn in net revenue per year.

"At Bright Health we are leveraging our person-centric, intelligent technology platform to build a diversified and digitally integrated health care company," stated CEO Mike Mikan.

"By aligning with our Care Partners, we have created a more personalised, affordable and convenient end-to-end health care experience for consumers. This funding allows us to continue to scale our transformative model and fulfill our purpose of lowering health care costs while improving outcomes, experience and access."

Transforming the industry

Bright Health’s rapid development despite ongoing market difficulties caused by COVID-19 is a strong accomplishment. The company’s aim of simplifying a notoriously opaque experience is apparently resonating with customers and investors alike.

Similar displays of ongoing success have been observed in Ki Insurance’s equally strong investment round. However, while the trajectory of Ki remains uncertain as it gears for launch in 2021, Bright Health appears to be maintaining the same momentum it has held since 2016.

Mohamad Makhzoumi, General Partner and Head of Healthcare Investing at NEA, commented: "In under four years, we've witnessed the evolution of Bright Health from a startup into a diversified industry leader with the ability to accelerate growth across every part of the health care sector.

“NEA has backed Bright Health from the very beginning and we are privileged to continue helping the team transform how healthcare is delivered and paid for in this country."

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Jun 16, 2021

Tribe and APOLLO announce national insurance campaign

Tribe
Apollo
campaign
Insurance
2 min
Tribe Property Technologies and APOLLO Insurance have launched a campaign to digitise insurance access across Canada

Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.

According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage. 

What does the national insurance campaign include? 

According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options. 

It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said. 

"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe. 

Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.

APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.

"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.

 

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