Insurtech startup Next Insurance raises $83m for expansion

California-based small business insurer Next Insurance has raised $83 million to expand operations.

This recent funding round was led by Redpoint Ventures, and joined by investors who have participated in past funding rounds, including Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures.

The new funding will enable Next Insurance to build up its operations, including hiring in Palo Atlo, California, and Kfar Saba, Israel. Among the professionals it is seeking to hire are engineers, insurance and product experts as well as online marketers, the company said. The fully-licensed carrier plans to grow and expand its product offering to include new types of insurance and additional sectors.

Around one year ago Next had already raised a Series A round of $35 million, and 14 months before that, a seed round of $13 million. In total, Next has raised $131 million within about two years.

“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 we’ve joined them to continue to enable their explosive growth.”

Next Insurance CEO, Guy Goldstein, added: “We’re excited about what this funding will enable all of us at Next Insurance to do: provide more small businesses across all 50 states with the simple, affordable, tailored insurance they need in order for their businesses to thrive. We aim to be the company that supports small businesses as they move forward, and this new funding will enable us to grow and expand our efforts to do so.”

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