Next Insurance raises $250 million
Next Insurance has raised $250 million in a Series C round from Munich Re. The funding round brings Next Insurance’s total funding to $381 million, with a valuation of over $1 billion.
Armed with its new funding, Next Insurance will “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 needs with coverage that is simple, affordable, and tailored to the specific needs of every business.”
“We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business. 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. We are excited about the future of insurance and are proud to be, together with Munich Re, drivers of industry change.” – Guy Goldstein, Co-Founder and CEO of Next Insurance.
“Next Insurance’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together. 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. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance.” – Joachim Wenning, Chairman of the Board of Management at Munich Re.