Israeli InsurTech startup Next Insurance announced a $250 million Series D funding round. The round was led by CapitalG, which is Alphabet’s investment firm. The round also saw participation from FinTLV and existing investor Munich RE Group. The funding was done based on a $2.2 billion valuation, according to the Bloomberg report.

Born in Israel, but made for the U.S.A

Next Insurance provides small/medium business owners with tailored insurance products. The Israeli startup creates a customizable insurance offering based on a business owner’s specific needs. The company utilizes large Big-Data networks to dig deeper and better understand its customers’ behavior, and therefore being able to provide them with the right policy to fit their demand.

Currently, the company’s products are only available in the U.S. Next claims that they have over 100,000 active customers, mostly due to its wide array of product offering under one roof.

Next Insurance offers small business owners in over 1,300 industries and in 50 states eight types of coverage, including general liability insurance, business insurance, commercial auto insurance, and workers’ comp among others.

Next Insurance was founded in 2016 by CEO Guy Goldstein, VP R&D Nissim Tapiro, and CTO Alon Huri. The company has raised a total of $631 million to date, including a quarter of a billion dollars in an October 2019 round. Next operates in a dynamic and kind of new digital insurance industry that has seen a variety of Israeli companies stand out like Hippo and Lemonade, which went public in July.