"We're really interested in relationships with national payers," Mikan said Tuesday during an investor conference. In general, the new funding will support continued growth, although Bright Health chief executive Mike Mikan said Cigna might collaborate on expanding NeueHealth, Bright's business that runs medical clinics. The remainder is coming from Maryland-based New Enterprise Associates (NEA), the largest current shareholder at Bright Health Group. The company's stock has traded down substantially since Bright Health went public in June, the largest-ever initial public offering by a Minnesota company.Ĭigna Ventures, the insurer's venture capital unit, will invest $550 million as part of a deal first announced Monday evening by Bright Health. It was a welcome jump for Bright Health investors. Shares of the Bloomington-based health insurance company improved by about 9% on the news Tuesday. Within weeks of reporting a significant loss during the third quarter, Bright Health Group announced it is raising another $750 million, including a large strategic investment from a subsidiary of health insurance giant Cigna Corp.
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