Next Insurance next firm to receive $83m funding
Next Insurance, a digital insurance company for small businesses, has raised $83 million in a Series B to continue its expansion throughout the US as a full-service insurance carrier, as well as internal operations both in the US and Israel.
Led by Redpoint Ventures, this brings the total funding to $131 million in two years, with other participating investors like Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures, and Zeev Ventures.
Elliot Geidt, managing director of Redpoint Ventures, will join the board of Next Insurance.
“Our exponential growth over the last two years has proven that small businesses have been overlooked and underserved by the insurance market,” says Guy Goldstein, CEO and co-founder of Next Insurance. “Our goal is to become the one-stop-shop for all small business insurance needs, no matter where they are.”
The firm, being now a licensed national insurance carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, aims to expand to all 50 states.
The firm is now writing policies independently, “with far more freedom over underwriting, setting prices, and configuring policies”.
The funds will allow the firm to offer additional lines of insurance, claims paid within 48 hours, on-demand coverage, and more sophisticated uses of artificial intelligence (AI) and machine learning for customer-facing areas.