Neuehealth Acquisition, Valuation, Funding & Investors

Neuehealth was acquired by New Enterprise Associates for $1.3B in December 2024, a 5.4x multiple on $242M of revenue.

Neuehealth acquisition price

$1.3B

Acquired by New Enterprise Associates · Dec 2024

Neuehealth revenue at acquisition

$242M

Last twelve months · Dec 2024

Neuehealth revenue multiple at acquisition

5.4x

EV/Revenue · Dec 2024

Cumulative funding Neuehealth raised

$1.5B

across 4 funding rounds

Neuehealth Overview

About Neuehealth

Neuehealth is a Minneapolis-headquartered health insurer focused on Medicare Advantage and Medicaid plans for seniors and underserved communities in 14 U.S. states. The company partners with providers like Centura Health and Sanford Health to manage integrated care networks in markets including Colorado and North Carolina. Neuehealth utilizes platforms for virtual care and pharmacy benefits, serving over one million members through its Bright HealthCare brand.


Founded

2015

HQ

United StatesMinneapolis, MN

Status

Acquired

Customer focus

B2C

Revenue model

Subscription

Revenue

$242M (Dec 2024)

Valuation

$950M (Nov 2018)

Neuehealth Acquisition

Neuehealth was acquired by New Enterprise Associates for $1.3B on 23 December 2024.

The acquisition price implies a 5.4x revenue multiple on $242M of revenue.

Before the acquisition Neuehealth had raised $1.5B across 4 funding rounds.

Neuehealth acquisition details
AcquirerDateTypePriceEV/Revenue
  • New Enterprise Associates
23 Dec 2024PE buyout$1.3B5.4x

Neuehealth Valuation

Neuehealth is currently valued at $950M, based on its Series C in November 2018.

The $200M round was led by Declaration Partners and Meritech Capital Partners, with participation from Redpoint, Greenspring Associates, Town Hall Ventures, New Enterprise Associates, Flare Capital Partners and 4 other investors.

Neuehealth valuation by funding round

Neuehealth valuation by funding round
DateStageValuation
Nov 2018Series C$950M

Neuehealth Funding History

Neuehealth has raised a total of $1.5B across 4 funding rounds.

Neuehealth's first fundraising round was a $160M Series B in June 2017. The most recent completed round was a $500M Series E in September 2020.

Neuehealth funding rounds

Neuehealth funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2020Series ENew Enterprise Associates (lead); Greenspring Associates; Blackstone; T. Rowe Price; Bessemer Venture Partners; Tiger Global; Headline$500M--
Dec 2019Series DNew Enterprise Associates (lead); Declaration Partners; Redpoint; Greenspring Associates; Town Hall Ventures; Flare Capital Partners; Bessemer Venture Partners; Cross Creek; Meritech Capital Partners$635M--
Nov 2018Series CDeclaration Partners (lead); Meritech Capital Partners (lead); Redpoint; Greenspring Associates; Town Hall Ventures; New Enterprise Associates; Flare Capital Partners; Greycroft; Bessemer Venture Partners; Headline; Cross Creek$200M$950MNeueHealth (NYSE:NEUE), formerly Bright Health, operates a consumer-centric healthcare platform focused on value-based care, including NeueCare (capitated and ACO REACH revenue) and NeueSolutions segments, serving consumers across ACA, Medicare, and Medicaid with coordinated care models. The company went public via SPAC merger and reports segmented financials, with recent emphasis on profitability through adjusted EBITDA. Recent financials show 2024 annual revenue of $936.66M (down 19.31% YoY), 2023 revenue of $1.16B, and LTM revenue as of mid-2025 at $890.44M; Q2 2025 revenue was $209.1M (down 7.5% YoY), with six-month revenue at $424.9M. Company traction includes serving 694,000 consumers in Q2 2025 (up 45% YoY), with expansions in clinics and partnerships for value-based care; market cap ~$60.73M recently, P/S ratio 0.06.
Jun 2017Series BGreenspring Associates (lead); Redpoint; New Enterprise Associates; Flare Capital Partners; Greycroft; Bessemer Venture Partners; Headline; Cross Creek$160M-NeueHealth is a value-driven healthcare company focused on consumer-centric care through owned and affiliated clinics (NeueCare) and enabling independent providers via performance-based arrangements (NeueSolutions). It originated as part of Bright Health Group's care delivery business, with roots in acquiring a Florida medical practice in 2019 and rebranding to NeueHealth in 2020. The company aligns payors, providers, and consumers to deliver coordinated, high-quality care in value-based models. As of April 2021, it operated 28 managed clinics serving 75,000 patients and supported 33 clinics through its value services organization, working with over 200,000 providers. Bright Health, the parent entity, raised $1.6B total by 2021, with key investors overlapping those listed. Later developments include a $1.4B+ acquisition by NEA affiliates announced in late 2024, closing at an enterprise value of $1.465B.

Who has invested in Neuehealth?

14 investors have backed Neuehealth across its funding rounds, including New Enterprise Associates, Bessemer Venture Partners, Greenspring Associates, Headline, Redpoint and Flare Capital Partners.

Lead investors include New Enterprise Associates, Declaration Partners, Meritech Capital Partners and Greenspring Associates.


Neuehealth Investors

Investors in Neuehealth by funding rounds participated
InvestorHQRoundsRoleFirst check
Greenspring AssociatesUnited StatesBaltimore, MD4LeadJun 2017
New Enterprise AssociatesUnited StatesSan Francisco, CA4LeadJun 2017
Bessemer Venture PartnersUnited StatesSan Francisco, CA4ParticipantJun 2017
RedpointUnited StatesSan Francisco, CA3ParticipantJun 2017
Flare Capital PartnersUnited StatesBoston, MA3ParticipantJun 2017
HeadlineUnited StatesSan Francisco, CA3ParticipantJun 2017
Cross CreekUnited StatesSalt Lake City, UT3ParticipantJun 2017
Declaration PartnersUnited StatesNew York City, NY2LeadNov 2018
Town Hall VenturesUnited StatesNew York City, NY2ParticipantNov 2018
GreycroftUnited StatesNew York City, NY2ParticipantJun 2017
Meritech Capital PartnersUnited StatesSan Francisco, CA2LeadNov 2018
BlackstoneUnited StatesNew York City, NY1ParticipantSep 2020

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Neuehealth Competitors

Neuehealth competitors include listed companies like Alignment Healthcare and Clover Health, and private ones like Curative, Grand Rounds, MediTrust Health and Main Street Health.

Public and private companies comparable to Neuehealth
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CurativeUnited StatesAustin, TXPrivate--$1.3B-
Grand RoundsUnited StatesSan Francisco, CAPrivate--$1.3B-
MediTrust HealthChinaShanghaiPrivate$154M-$1.4B9.3x
Main Street HealthUnited StatesUnited StatesPrivate--$1.5B-
Alignment HealthcareUnited StatesUnited StatesPublicly listed$3.9B$45M$1.8B0.3x
Clover HealthUnited StatesUnited StatesPublicly listed$1.9B($84M)$2.4B0.8x

Neuehealth Public Comps

Neuehealth is no longer listed, but its public comps include Alignment Healthcare, Clover Health, Dc Healthcare Holdings, Genesis Fertility Center, Ontrak, Fortis Healthcare, Molina Healthcare and UnitedHealth Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Alignment Healthcare$3.9B$45M0.4x0.3x31.6x10.0x
Clover Health$1.9B($84M)1.1x0.8x(25.8x)34.1x
Dc Healthcare Holdings$21M$4M1.3x-7.0x-
Genesis Fertility Center$11M$3M1.2x-5.2x-
Ontrak$11M($23M)0.5x-(0.2x)-
Fortis Healthcare$943M$215M7.8x7.1x34.1x31.0x

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Common questions about Neuehealth

When was Neuehealth founded?Neuehealth was founded in 2015.
Where is Neuehealth headquartered?Neuehealth is headquartered in Minneapolis, MN, United States.
Is Neuehealth publicly listed?No, Neuehealth was acquired by New Enterprise Associates in December 2024.
Who acquired Neuehealth?Neuehealth was acquired by New Enterprise Associates in December 2024.
How much was Neuehealth acquired for?Neuehealth was acquired for $1.3B in December 2024, a 5.4x revenue multiple.
What is Neuehealth's valuation?Neuehealth was last valued at $950M in its Series C in November 2018.
How much funding has Neuehealth raised?Neuehealth has raised $1.5B across 4 funding rounds.
What was Neuehealth's last funding round?Neuehealth's last funding round was a $500M Series E in September 2020, led by New Enterprise Associates.
Who are Neuehealth's investors?Neuehealth's investors include Greenspring Associates, New Enterprise Associates, Bessemer Venture Partners, Redpoint, Flare Capital Partners, Headline, Cross Creek, Declaration Partners, Town Hall Ventures, Greycroft and 4 others.
Which companies are comparable to Neuehealth?Companies comparable to Neuehealth include Curative, Grand Rounds, MediTrust Health, Main Street Health, Alignment Healthcare and Clover Health.

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