Munich Re and Alphabet-backed small business insurtech Next nabs $250m funding

Small business insurtech Next Insurance has raised $250 million in Series D financing led by Alphabet growth fund CapitalG with participation from insurtech VC FinTLV and  existing investor Munich Re.

Next provides small business insurance coverage across the US, including general liability, professional liability, commercial auto and workers' compensation coverage.

The recent Series D funding brings the company's total funding to $631 million, with a valuation of over $2 billion. Next has increased its gross written premiums (GWP) year-over-year by 133 percent.

The company plans to hire over 200 new employees over the next 12-18 months across their offices in Palo Alto, Austin and Israel.

CapitalG Partner Sumiran Das, who will join the Next Insurance board of directors, said: "Next Insurance is modernising insurance for small business owners - making it fast and simple to get broad, customised coverage. We believe that there is an opportunity to use technology to transform the small business insurance experience in the U.S. and build a national insurance leader.

"Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision."

Guy Goldstein, co-founder and CEO of Next Insurance, said: "We aspire to help businesses thrive by delivering phenomenal insurance products and experience. Insurance is a market primed for a new approach - one that believes it is a social good and cares for its customers. We believe we have the right team, the right approach and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride."