Next Insurance, an online insurance provider for small businesses, raised $250 million in a Series D financing round. The round was led by a CapitalG fund, which is a subsidiary of Alphabet Inc., with participation from FinTLV and existing investor Munich RE Group. As a result of this round, Next Insurance’s valuation exceeds $2 billion.
Next Insurance offers simple, affordable and tailored insurance products for small businesses and the self-employed. The company claims its technology-first approach drives down costs by up to 30 % compared to traditional policies. Currently the company is available to 1300 types of businesses in all 50 states. Next Insurance provides 6 insurance offerings, including General Liability, Professional Liability, Commercial Auto and Workers' Compensation coverage.
The company was founded in 2016 by Guy Goldstein, Alon Huri and Nissim Tapiro. Next Insurance has increased headcount by 50 percent in 2020, with plans to hire over 200 new employees over the next 12-18 months to their offices in Palo Alto, Austin and Israel.