(Next Insurance founders Nissim Tapiro,Guy Goldstein and Alon Huri. Source: Next Insurance.)
Next Insurance (Palo Alto), a startup direct seller of small business insurance, announced today that it has raised $83 Million in a Series B Round led by Redpoint Ventures (Menlo Park, Calif.). Next Insurance will use the funding to continue its expansion across the U.S. 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 U.S and Israel. Next Insurance announced that it had become a fully licensed insurance carrier in May 2018.
The Series B Round brings Next Insurance’s 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 company’s history,” comments Guy Goldstein, CEO and Co-Founder, 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 don’t 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.”
Underwriting Depth, Digital Product Sensibilities, and Vision
“We are thrilled to be partnering with Next Insurance as they build the first small business-focused commercial insurance carrier,” comments 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 we’ve joined them to continue to enable their incredible growth.”
Next Insurance is currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and plans to expand rapidly to all 50 states.