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Ex-UnitedHealth CEO Raising $81 Million for New Insurance Startup

April 5, 2016, 8:50 PM UTC
Healthcare companies
BERLIN, GERMANY - SEPTEMBER 05: A doctor holds a stethoscope on September 5, 2012 in Berlin, Germany. Doctors in the country are demanding higher payments from health insurance companies (Krankenkassen). Over 20 doctors' associations are expected to hold a vote this week over possible strikes and temporary closings of their practices if assurances that a requested additional annual increase of 3.5 billion euros (4,390,475,550 USD) in payments are not provided. The Kassenaerztlichen Bundesvereinigung (KBV), the National Association of Statutory Health Insurance Physicians, unexpectedly broke off talks with the health insurance companies on Monday. (Photo by Adam Berry/Getty Images)
Photograph by Adam Berry—Getty Images

Bob Sheehy, the former CEO of CEO of United Healthcare (UNH), is back with a new startup called Bright Health. Not too much is yet known about the stealthy Minneapolis-based company, except that it will provide a “consumer-focused health plan.”

His partners are Kyle Rolfing, the founder and former CEO of Redbrick Health, and chief medical officer Tom Valdivia, executive chairman and former CEO of Lumināt.

According to a filing with the Securities and Exchange Commission, Bright Health has secured $46.5 million of a venture capital financing that is designed to raise a total of $81.5 million. Investors include Bessemer Venture Partners and New Enterprise Associates, with Stephen Kraus (BVP) and Mohamed Makhzoumi (NEA) joining the company’s board of directors. Also participating is Flare Capital Partners, where Sheehy has been serving as an executive partner.

Update: The company now has a live website, and Sheehy tells Fortune that it soon will announce several large healthcare provider partners. The overall company is designed to provide tech-enabled healthcare insurance plans for individuals, with the first customers to be signed up for the 2017 plan year. Its overall funding round came out to $80 million. Bright Health currently employs 25 people, but plans to use the new capital to staff up.