Next Insurance an insurtech targeting small busesses scor $83M SeriB led by Redpot TechCrun

Next Insurance, the Israeli digital insurance startup that helps small businesses get cover, has raised a significant new funding round, adding another $83 million to its balance sheet.

The Series B round is led by Silicon Valleys Redpoint Ventures, and will be used by the company to continue expanding across the U.S., where it now operates as a full service insurance carrier. It will also increase headcount in both its Israel and U.S. offices.

Founded in 2016 with the aim of becoming a one-stop insurance shop for micro and small business insurance needs,Next Insurancedesigns insurance plans for business sectors that are often overlooked by more general insurers.

Small business owners often rely on price comparison websites to figure out what kind of coverage they need and where to buy it, though that means the plans they get dont always cover all their needs. The other option is to use a broker but that also adds another middle person.

The complexity of the small business insurance market is very significant and this leads to a situation where even the largest insurance providers own less than 10 percent of the small business market, founder and CEO Guy Goldsteintold TechCrunchwhen the company raised its Series A. This offers us huge growth potential as we aim to specialize in and become a market leader in each small business vertical.

The small business sectors where Next Insurance offers general and professional liability insurance currently includes contractors, fitness, cleaning, beauty, therapy, entertainment, and education. It lets you buy insurance instantly at what it claims is very competitive prices and with no hidden fees. In addition, now that Next Insurance is a licensed carrier, it is able to write policies independently, with what it says is more freedom over underwriting, setting prices, and configuring policies.

Moving forward, the company plans on adding further lines of insurance, on-demand coverage, and ensuring that claims are paid within 48 hours. It is also hoping to develop more sophisticated uses of AI and machine learning to improve the customer experience and streamline the insurance purchasing process.

To that end, Goldstein says Next Insurances Series B is a monumental turning point in the companys history, describing growth over the last two years as exponential. Hyperbole aside, the company does appear to have found market fit, as evidenced by the size of the round and how many previous backers followed on.

The Series B Round brings Next Insurances total funding to $131 Million in just two years. Other investors that participated in this round include 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.

More broadly, the insurtech space is rapidly heating up in recognition that the insurance sector, both consumer and B2B, is still yet to be fully digitised, especially in a mobile-first world. In the U.S., consumer home insurance app Lemonade has been grabbing most of the headlines, not least after itraised $120 millionin a round led by Softbank.

Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who dont understand the nuances and needs of different classes of business, adds Goldstein in a statement. Small businesses are the backbone of the U.S. economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive.

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Next Insurance closes $83m Series B funding round

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Next Insurance closes $83m Series B funding round

Next Insurance, the leading digital insurance company for small businesses, announced today that it has raised $83 Million in a Series B Round.

Led by Redpoint Ventures, this funding will enable Next Insurance to continue its expansion throughout the US as a full service insurance carrier, push boundaries for handling claims, offer coverage to many more classes of business, and significantly grow internal operations in both the US and Israel. The Series B Round brings Next Insurances total funding to $131 Million in just two years. Other investors that participated in the round include Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures. Elliot Geidt, Managing Director of Redpoint Ventures, will join the board of Next Insurance.

We are at a monumental turning point in our companys history, said Guy Goldstein, CEO and Co-Founder 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. Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who dont understand the nuances and needs of different classes of business. Small businesses are the backbone of the US economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive. Our goal is to become the one-stop-shop for all small business insurance needs, no matter where they are.

We are thrilled to be partnering with Next Insurance as they build the first small business-focused commercial insurance carrier, said Elliot Geidt, Managing Director of Redpoint Ventures. Next Insurance is fundamentally reshaping the way that small business insurance is delivered, providing an elegant product experience and lower cost offerings. Their combination of underwriting depth, digital product sensibilities, and vision has cracked the code of small business insurance and weve joined them to continue to enable their incredible growth.

The closing of this round comes on the heels of Next Insurance announcing its new status as a national insurance carrier. Next Insurance is currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and is rapidly expanding to all 50 states. As a carrier, Next Insurance is now writing policies independently, with far more freedom over underwriting, setting prices, and configuring policies, providing entrepreneurs and small businesses insurance that is simple, affordable, and tailored to their specific needs.

Next Insurance champions technological innovation never before seen by the small business insurance market, and these funds will enable the company to become the preeminent insurer for all small businesses, offering additional lines of insurance, claims paid within 48 hours, on-demand coverage, and more sophisticated uses of AI and machine learning to improve customer experience and streamline the insurance purchasing process.

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