Next Insurance Raises Largest Round for Small Biz Player Since 2012
Small business insurance startup Next Insurance announced that American Express has joined its last round of Series A funding, which took place in May. This brings the total round to $35M, up from $29M, the largest round reported for a small business player since 2012, according to Coverager’s database .
Recall D2C small business players CoverHound and Insureon, which raised $33.3M and $31M in 2015 respectively. This isn’t the first time Amex attempts to venture into small business insurance. Back in 2010, Amex partnered with digital agency and distribution platform provider Bolt Solutions to introduce Insurance Edge.
Bottom Line: according to Next it now serves 5,000 customers and has $1 million in total underwritten premium.