Bright Health Acquires Marketing Agency Spyder Trap
Minneapolis-based Bright Health made a somewhat peculiar acquisition last week: marketing agency Spyder Trap.
News that the health insurance startup, fresh off a $160 million Series B funding round, made the acquisition came when Spyder Trap founder and CEO Mike Rynchek tweeted, “Excited to announce my transition to the [sic] Bright Health. This has been a long, well thought-out process & couldn’t be happier with the outcome.”
Tech.mn reports that Rynchek will join Bright Health as its chief technology officer. About 30 Spyder Trap employees are expected to move over as well.
Outside of social media channels, news of the announcement was relatively quiet. Bright Health didn’t release a statement about why they made the acquisition. But Tech.mn notes that Spyder Trap has previous health care marketing experience and is expected to provide services only to Bright Health going forward.
Bright Health is a health insurance provider that offers lower costs through a narrow provider network. It currently only offers its plan in the Denver metro area, where it partners with Centura Health. In the past month, it’s announced two more regions will be offered service in 2018: the Phoenix metro area (partnered with the Arizona Care Network) and Birmingham, Alabama (through Brookwood Baptist Health).