SME insurance platform Next Insurance has raised $83m in its Series B round led by Redpoint Ventures.
Capital from the round also came from Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures. As part of the transaction, Redpoint Ventures managing director Elliot Geidt will join Next Insurance’s board.
This investment brings the company’s total funding to $131m, over just two years. Last year the company received $29m in its Series A which was led by Munich Re/HSB Ventures.
Next Insurance provides small businesses insurance policies which can be tailored to fit the specific needs of different businesses. The company supports businesses within the fitness, cleaning, beauty, contractors, therapy, entertainment and education sectors.
The platform pays claims within 48 hours, has on-demand coverage and uses AI and machine learning technology to improve customer experiences and simplify policy purchasing.
This equity injection will support the expansion across the US as a full-service insurance carrier. It will also be used to support its handling of claims, provide coverage to more types of companies, and boost its internal operations in the US and Israel.
Redpoint Ventures managing director Elliot Geidt said, “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.”
The funding comes after Next Insurance announced its latest states it is a licensed insurance carrier in. Currently, the company is a carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and is on track to reach all 50 states.
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