Bright Health: From Memo to IPO

It all started with a pitch deck in 2016. Our partner Steve Kraus met co-founder and CEO Bob Sheehy who, after spending 20 years at UnitedHealthcare, had the vision to roll out a new consumer-oriented healthcare plan. There were no customers yet, but we believed this Minneapolis-based startup had both the ambition and team needed to launch a startup health plan with a chance to challenge the huge healthcare incumbents.

Bright Health was exactly what we always dreamed of funding — a new model that aimed to integrate providers and insurance payments together, offering a healthcare insurance plan that could achieve massive scale, attractive unit economics, and provide for better patient experience and outcomes.

We’re celebrating Bright Health’s IPO today and feel fortunate to have played a small part in the team’s journey building a more connected and consumer-centric healthcare experience for individuals and families across the United States. Read our Series A investment memo.