Next Insurance, an Israeli-founded, California-based insurance tech startup, raised $250 million in Series D funding at a company valuation of $2 billion.
The funding round was led by new investor CapitalG, based in San Francisco, and existing investor Munich RE, a leading German insurance company. Next insurance raised $250 million in Series C funding with Munich RE last year.
Founded in 2016 by Alon Huri, Guy Goldstein, and Nissim Tapiro, the company 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. Its Live Certificate service gives clients access to the industry’s “first real-time certificate of insurance verification.” Next for Agents enables customers to purchase Next Insurance policies through an agent.
“We have the technology that can provide a solution for every type of business…and we are leveraging this technology to apply to every business in the market,” Goldstein, who serves as CEO, told Crunchbase News.
He said the funding will help Next grow to become a “one-stop-shop” businesses’ insurance needs. The company has over 100,000 customers and is available in all 50 states.
The latest funding round brings Next Insurance’s total funding to $631 million in just over four years, at a current valuation of over $2 billion, according to Crunchbase News.