Israeli insurtech Next Insurance has raised $83mn, which will be used to build operations in Palo Alto, California and Kfar Saba, Israel, as well as add engineers and product experts who can expand the company’s offerings, said Alon Huri, CTO in a blog post.
“We are incredibly excited and humbled to share with you some big news for all of us here at Next Insurance: we’ve just raised $83 million to help continue our mission of transforming small business insurance across the United States,” said Huri’s blog.
This recent funding round was led by Redpoint Ventures, and joined by investors who have participated in past funding rounds, including Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures. We are proud of the relationships we have built with our investors, and consider them vital partners in our mission to help small businesses thrive.
Being a fully-licensed carrier, Next Insurance will grow and expand its product offering to include new types of insurance and additional sectors, taking disruption of the insurance market to the next level.
Just 14 months ago, the company raised a Series A round of $35 million, and 14 months before that, a seed round of $13 million. “In total, we’ve raised $131 million, all in the span of just over two years — a testament to our unparalleled value proposition and the hard work of our stellar team.”
“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 explosive growth.”
CEO Guy Goldstein, says: “We’re excited about what this funding will enable all of us at Next Insurance to do: provide more small businesses across all 50 states with the simple, affordable, tailored insurance they need in order for their businesses to thrive. We aim to be the company that supports small businesses as they move forward, and this new funding will enable us to grow and expand our efforts to do so.”