Medicare Issuer Closes $ 750 Million Funding: Finance
What would you like to know
- Bright Health provides health care as well as health coverage.
- Zing sells Medicare Advantage plans that aim to help patients with food, transportation, and other social determinants of health.
- Plum Life helps life insurance advisors move their business online.
Health insurers recently announced more than $ 860 million in funding deals, and a physician performance monitoring company and digital help desk for life insurance agents raised more than $ 22 million. additional funding dollars.
Bright Health, a Minneapolis-based health insurer whose shares trade on the New York Stock Exchange, led the group.
Bright Health closed with $ 750 million in funding.
The company raised funds by selling perpetual preferred stock to subsidiaries of Cigna Corp. and affiliates of New Enterprise Associates. New Enterprise Associates is an investment firm.
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The new preferred shares will pay a dividend of 5%. Holders of the new shares can convert them to common stock at an initial conversion price of $ 4.55 per share, which is 25% more than the price at which the shares were selling before the announcement of the preferred share offer. .
Bright Health provides health care through its NeueHealth unit and commercial and Medicare coverage to 720,000 people through its Bright HealthCare unit.
Stride Health has raised $ 47 million from an investor group 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 independent contractors who work with Uber, DoorDash, Instacart, and other businesses track mileage, expenses, and taxes.
Companies such as Uber can use the app to help direct part-time workers and independent contractors to the Affordable Care Act public trading system and to a website that offers other benefits and services. intended for concert workers.
The Stride app has 2.7 million users.