Next Insurance, the leading digital insurance company for small businesses, announced today that it has raised $83 Million in a Series B Round.
Led by Redpoint Ventures, this 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. The Series B Round brings Next Insurance's total funding to $131 Million in just two years. Other investors that participated in the round include Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures. Elliot Geidt, Managing Director of Redpoint Ventures, will join the board of Next Insurance.
"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."
"We are thrilled to be partnering with Next Insurance as they build the first small business-focused commercial insurance carrier," said Elliot Geidt, Managing Director of Redpoint Ventures. "Next Insurance is fundamentally reshaping the way that small business insurance is delivered, providing an elegant product experience and lower cost offerings. Their combination of underwriting depth, digital product sensibilities, and vision has cracked the code of small business insurance and we've joined them to continue to enable their incredible growth."
The closing of this round comes on the heels of Next Insurance announcing its new status as a national insurance carrier. Next Insurance is currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and is rapidly expanding to all 50 states. As a carrier, Next Insurance is now writing policies independently, with far more freedom over underwriting, setting prices, and configuring policies, providing entrepreneurs and small businesses insurance that is simple, affordable, and tailored to their specific needs.
Next Insurance champions technological innovation never before seen by the small business insurance market, and these funds will enable the company to become the preeminent insurer for all small businesses, offering additional lines of insurance, claims paid within 48 hours, on-demand coverage, and more sophisticated uses of AI and machine learning to improve customer experience and streamline the insurance purchasing process.