Venture capital company New Enterprise Associates (NEA) is helping shape the future of health insurer Bright Health with their contribution to $200 million of investment capital. As part of a larger financing partnership, NEA contributed towards the Series C funding so the company can continue to grow their unique health insurance products to a dedicated customer base.
Mohamad Makhzoumi, general partner and head of healthcare services and IT investing at NEA, said that this financing puts Bright Health in a position to capitalize on its transformational medical cost management results. In 2019, Bright Health plans on tripling its global presence and will also target the coordination of healthcare services and administration to improve consumer and patient experience.
As one of the world’s largest and most active investment firms, NEA has focused on developing a strong knowledge base in the healthcare and technology industries. Under the leadership of their Chairman and General Partner, Peter Barris, the firm grew their assets from $1 billion to over $20 billion in under twenty years and backed companies ranging from CareerBuilder to Collective Health.
NEA was founded in 1977 as the first true bi-coastal firm by Rick Kramlich, Chuck Newhall and Frank Bonsal. With representation on both the east and west coasts, NEA was positioned to back the best and brightest across the country. With an initial investment of $16 million in capital more than forty years ago, the company has grown into a global presence with a multi-billion dollar investment across sixteen funds. They focus on long-term investment and believe that right place, right time venture capital help entrepreneurs build successful companies.