InsurTech startup Next Insurance continues its roar on the insurance scene, closing a $250 million Series E round. The investment was led by FinTLV and Battery Ventures, while Founders Circle, Zeev Ventures, Group 11, CapitalG, and G Squared also got in on the action. Next lands its Series E at a valuation of $4 billion - almost doubling the startup’s valuation from a September 2020 round.
Six months later: Valuation doubled
The Series E comes just 6 months following the company’s last round, when it raised $250 million from CapitalG at a $2.2 billion valuation. Since then, Next has acquired American startup Juniper Labs, which experts in ML and Big Data focused on the insurance sector. Earlier this month, Next also announced that Amazon will start marketing its insurance products to small businesses in the U.S.
Next Insurance provides dedicated insurance products for small businesses. The Israeli Unicorn startup customizes policies per sector and meets customers’ specific demands. The company leverages Big Data infrastructure to better understand and customize a relevant policy fit to its customers’ needs.
Currently, the company’s product suite is available only in the U.S., thriving with the booming small and independent business sector. Next disclose that it has over 100,000 customers thanks to its “wide array of insurance products” under one roof. Next Insurance offers 6 types of coverage, available for small businesses in 1,300 different sectors, across 50 states.
"This latest round of financing is a validation of our vision which is to make it dramatically easier for small business owners to get the insurance coverage they need by removing friction from the customer experience," said Guy Goldstein, co-founder and CEO of Next Insurance. "It starts with developing a comprehensive digital product portfolio under one roof, continues with leveraging technology that improves the customer experience, and ends with a network of integrated partnerships that bring policy purchasing to the customer within the systems they already use. We're not done improving the lives of small business owners, but we're proud of what we've accomplished thus far."
Next Insurance was founded in 2016 by Guy Goldstein, Nissim Tapiro, and Alon Huri, and has raised $881 million to date. The company operates in a thriving industry alongside numerous Israeli companies, such as Lemonade, a 2020 NYSE IPO, and Israeli-American Unicorn Hippo.