Next Insurance, an insurtech company that specializes in small to medium businesses, announced on Wednesday it secured $83 million through its Series B funding round, which was led by Redpoint Ventures. According to Next Insurance, the funds from the round will enable the company to continue its expansion through the U.S. as well as grow international operations in both the U.S. and Israel. While sharing more details about the investment round, Guy Goldstein, CEO and Co-Founder of Next Insurance, stated:
“We are at a monumental turning point in our company’s history. Our exponential growth over the last two years has proven that small businesses have been overlooked and underserved by the insurance market. Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who don’t understand the nuances and needs of different classes of business. Small businesses are the backbone of the US economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive. Our goal is to become the one-stop-shop for all small business insurance needs, no matter where they are.”
Elliot Geidt, Managing Director of Redpoint Ventures, also commented:
“We are thrilled to be partnering with Next Insurance as they build the first small business-focused commercial insurance carrier. 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.”
Next Insurance added it is currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and is rapidly expanding to all 50 states. Next Insurance is now writing policies independently, with far more freedom over underwriting, setting prices, and configuring policies, providing entrepreneurs and small businesses insurance that is simple, affordable, and tailored to their specific needs.