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Health insurance startup Bright Health secures $80M in series A funding

Health insurance startup Bright Health said April 6 that it has secured $80million in series A funding led by Bessemer Venture Partners MB and , withparticipation by Flare Capital Partners and others.

Bright Health will use the funding to support its nationwiderollout to the individual health insurance marketplace.

Bright Health co-founders include Bob Sheehy, former CEO ofUnitedHealthcare; Kyle Rolfing, co-founder and former CEO of and RedBrickHealth; and Tom Valdivia, former chief health consumer officer of DefinityHealth. Sheehy is Bright Health's CEO; Rolfing is the company's president; andValdivia is its chief medical officer.

Bright Health plans to enter its first market and enrollmembers for the 2017 plan year. The company's individual health insurance planswill be offered directly to consumers via broker partners and through publicand private health insurance exchanges. Additional market expansion, careprovider partnerships and Medicare Advantage Plans are planned for 2018 andbeyond.