What You Need to Know
- Bright Health provides health care along with health coverage.
- Zing sells Medicare Advantage plans that focus on helping patients with food, transportation and other social determinants of health.
- Plum Life helps life insurance advisors move their operations online.
Health insurers have announced more than $860 million in financing deals recently, and a physician performance tracking firm and a digital support service for life insurance agents have raised more than $22 million in additional funding.
Bright Health, a Minneapolis-based health insurer with shares that trade on the New York Stock Exchange, led the group.
Bright Health has closed on $750 million in funding.
The company raised the cash by selling perpetual preferred stock to subsidiaries of Cigna Corp. and affiliates of New Enterprise Associates. New Enterprise Associates is an investment company.
What Your Peers Are Reading
The new preferred shares will pay a 5% dividend. The holders of the new shares can convert them into common stock at an initial conversion price of $4.55 per share, or 25% more than the price the shares were selling for before the preferred share offering was announced.
Bright Health provides health care through its NeueHealth unit and commercial and Medicare plan coverage for 720,000 people through its Bright HealthCare unit.
Stride Health has raised $47 million from a group of investors that includes King River Capital, an investment firm.
The investor group also includes MasterCard and Allstate.
Stride is a San Francisco-based company with an app that helps the independent contractors who work with Uber, DoorDash, Instacart and other companies track mileage, expenses and taxes.
Companies such as Uber can use the app to help steer part-time workers and independent contractors toward the Affordable Care Act public exchange system, and toward a website that offers other benefits and services aimed at gig workers.
The Stride app has 2.7 million users.