Next Insurance Raises $83M
changed its status from a digital commercial broker to a licensed insurance carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, has raised $83m in a Series B round, bringing its total funding to date to $131m. The round was led by Redpoint ventures, with participation from Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures and Zeev Ventures., which recently
“The new funding will enable us to build up our operations, including hiring in Palo Atlo, California, and Kfar Saba, Israel. Our expansion will include engineers who can develop our products, insurance and product experts who can help us expand our offerings, and online marketers who will help us get the word out to small businesses across the US. Now that we are a fully-licensed carrier, we will grow and expand our product offering to include new types of insurance and additional sectors, taking our disruption of the insurance market to the next level”, according to Next’s Blog.
“We are thrilled to be partnering with Next Insurance as they build the first small business-focused commercial insurance carrier . 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.” – Managing Director of Redpoint Ventures, Elliot Geidt.
Bottom Line: the most funded digital-slash-small business insurance player, according to our database.