Next Insurance, an Israeli-founded, California-based insurance tech startup, announced on Monday that it raised $250 million in a Series C funding round from Munich Re, a leading German insurance company.
Founded in 2016 by Alon Huri, Guy Goldstein, and Nissim Tapiro, Next Insurance provides digital, small business insurance coverage across the US. It offers general liability, professional liability, commercial auto and, most recently, workers’ compensation coverage and says its policies are tailored, easy to understand and easy to buy with instant, 24/7, online access. Through Next’s platform, clients can add additional insureds, update policies or payment information, and send verifiable proof of insurance, from a smartphone or computer.
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Monday’s funding round brings Next Insurance’s total funding to $381 million in just over three years, with a valuation of over $1 billion.
The company said in a statement that the new funds will help it “significantly accelerate its customer expansion initiatives, continuing its drive to make the company the only online one-stop-shop for all small business P&C insurance [property and casualty] needs.”
“We launched Next Insurance in order to transform the small business insurance industry and this new investment will continue to help us grow our team, develop our technology, deliver phenomenal service and accelerate customer growth,” said Goldstein, who serves as CEO of Next Insurance. “We are excited about the future of insurance and are proud to be, together with Munich Re, drivers of industry change.”
Next Insurance recently launched a Live Certificate service, giving clients access to the industry’s “first real-time certificate of insurance verification,” and Next for Agents, a platform that enables customers to purchase Next Insurance policies through an agent.
“Next Insurance’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together,” said Joachim Wenning, Chairman of the Board of Management at Munich Re. “Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re’s commitment to be the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the United States.”