We are incredibly excited and humbled to share with you some big news for all of us here at Next Insurance: we’ve just raised $83 million to help continue our mission of transforming small business insurance across the United States.
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. We are proud of the relationships we have built with our investors, and consider them vital partners in our mission to help small businesses thrive.
The new funding will enable us to build up our operations, including hiring in Palo Alto, California, and Kfar Saba, Israel. Our expansion will include engineers who can develop our products, insurance and product experts who can help us expand our offerings, and online marketers who will help us get the word out to small businesses across the US. Now that we are a fully-licensed carrier, we will grow and expand our product offering to include new types of insurance and additional sectors, taking our disruption of the insurance market to the next level.
Just 14 months ago, we raised a Series A round of $35 million, and 14 months before that, a seed round of $13 million. In total, we’ve raised $131 million, all in the span of just over two years — a testament to our unparalleled value proposition and the hard work of our stellar team.
“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.”
Our CEO, Guy Goldstein, says: “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.”
Next Insurance is guided by a simple principle: we know that each type of business is unique, and needs a policy uniquely tailored for them, with all the coverage they need, and no unnecessary extras. Powered by our incredible team and this latest funding round, we’re bringing that vision to more and more small businesses — providing fuel for the engine of the economy.