July 11, 2018 | Israeli-founded small business insurtech company Next Insurance announced Wednesday it has raised $83 million in a Series B funding round. The funding round for the Palo Alto-based company was led by US venture capital firm Redpoint Ventures with participation from Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures. This brings the insurance company’s total funding to $131 million in just two years. The funding will “enable Next Insurance to continue its expansion throughout the US as a full-service insurance carrier, push boundaries for handling claims, offer coverage to many more classes of business, and significantly grow internal operations in both the US and Israel,” a statement from the company said.
The successful funding comes just as the California insurance company announces its new status as a national insurance carrier, currently licensed in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland, and Utah, with hopes of expanding to all 50 states in the US. The company writes policies independently, with better arrangements for entrepreneurs and small businesses.
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“We are at a monumental turning point in our company’s history,” said Guy Goldstein, CEO, and Co-Founder of Next Insurance. “Our exponential growth over the last two years has proven that small businesses have been overlooked and underserved by the insurance market. Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who don’t understand the nuances and needs of different classes of business. Small businesses are the backbone of the US economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive. Our goal is to become the one-stop-shop for all small business insurance needs, no matter where they are.”
Founded in 2016 by Alon Huri, Guy Goldstein, and Nissim Tapiro, Next Insurance offers claims paid within 48 hours, on-demand coverage, and more complex use of AI and machine learning tech to improve customer experience and streamline the insurance purchase process.