InsurTech unicorn Next Insurance has doubled its valuation to $4bn, following the close of a new $250m investment round.
FinTLV Ventures and Battery Ventures acted as the lead backers, with additional support coming from CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared.
As part of the deal, FinTLV Ventures founder and managing partner Gil Arazi and Battery Ventures general partner Michael Brown will join the Next Insurance board of directors.
Next Insurance provides a selection of insurance policies aimed at small businesses. Cover includes general liability, professional liability, commercial auto and workers’ compensation.
FinTLV. Ventures founder and managing partner Gil Arazi said, “Next Insurance’s full-stack approach to providing coverage for small businesses has created a radical paradigm shift in the legacy insurance industry.
“This value proposition, combined with a differentiated focus on machine learning and growing an innovative product portfolio has created unstoppable momentum that is undoubtedly changing how small businesses shop and purchase insurance. We believe that Next Insurance represents the future of Insurance.”
The InsurTech’s valuation reached $2bn in September 2020, after it closed a $250m Series D round. Backers to the round included CapitalG, FinTLV and Munich RE Group.
Next Insurance has had an active six months, completing acquisitions of AP Intego and Juniper Labs, adding a new strategic partner and doubling its gross written premium.
Some of the other notable achievements in the past six months include hiring 180 new employees, hitting the milestone for more than $1m in written premium in a single day, tripling the amount of premium written by agent partners and increasing the number of customers holding more than one policy by ten-times.
The company recently formed a partnership with Amazon to supply its Amazon Business clients with access to customised small business insurance policies.
With the close of the new round, Next Insurance has raised a total of $881m in equity.
Next Insurance co-founder and CEO Guy Goldstein said, “This latest round of financing is a validation of our vision which is to make it dramatically easier for small business owners to get the insurance coverage they need by removing friction from the customer experience.
“It starts with developing a comprehensive digital product portfolio under one roof, continues with leveraging technology that improves the customer experience, and ends with a network of integrated partnerships that bring policy purchasing to the customer within the systems they already use. We’re not done improving the lives of small business owners, but we’re proud of what we’ve accomplished thus far.”
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