Bright Health, an insurance startup led by a group of healthcare veterans that includes former UnitedHealthcare CEO Bob Sheehy, plans to push into 13 new markets across seven states next year.
The company currently sells individual coverage in nine markets across a half-dozen states. Bright offers individual plans, family plans, Medicare Advantage and supplemental plans. It covers approximately 60,000 people and works with a single health system in each market to keep costs down.
"In just four years, we've grown from serving consumers in our pilot market in Colorado to serving tens of thousands of members across six states," Sheehy said in a statement. "This substantial growth shows that consumers are hungry for a new healthcare model that is simple, personal and more affordable."
Bright Health is one of Minnesota's fastest-growing and most well-funded startups. Founded four years ago, Bright has raised about $440 million in venture capital. This includes a $200 million round last year that is likely the largest raise in the state's history.
Bright Health is valued at approximately $950 million, according to Pitchbook. This puts the company just $50 million shy of "unicorn" status. Minnesota has yet to produce a unicorn tech startup.
Here are the new markets that Bright plans to expand to in 2020:
- Birmingham, Ala.
- Maricopa County, Ariz.
- Pima County, Ariz.
- Denver, Colo.
- Summit County, Colo.
- Jacksonville, Fla.
- Orlando, Fla.
- Palm Beach, Fla.
- Tampa, Fla.
- Chicago, Ill.
- Charlotte, N.C.
- Winston-Salem, N.C.
- Nebraska
- New York City
- Cincinnati, Ohio
- Cleveland, Ohio
- Oklahoma City, Okla.
- Greenville, S.C.
- Knoxville, Tenn.
- Memphis, Tenn.
- Nashville, Tenn.
