Next Insurance, an Insurtech seeking to transform small business insurance, has raised $250 million in a Series C funding round from Munich Re. According to the company, the funds will allow it to scale its “industry-leading small business insurance products.” Next Insurance wants to become the one stop shop for all small business insurance needs.
This most recent funding round brings Next Insurance’s total funding to $381 million in the past three years, with a valuation of over $1 billion – well into unicorn status.
Next Insurance offerings include, general liability, professional liability, commercial auto and, as of today, workers’ compensation coverage. Next Insurance says it provides insurance coverage to over 1,000 unique types of business with policies that are tailored to their needs, simple to understand and affordable.
“We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business,” commented Guy Goldstein, co-founder and CEO of Next Insurance. “We launched Next Insurance in order to transform the small business insurance industry and this new investment will continue to help us grow our team, develop our technology, deliver phenomenal service and accelerate customer growth. We are excited about the future of insurance and are proud to be, together with Munich Re, drivers of industry change.”
Recently, Next Insurance launched “Next for Agents,” a platform that enables customers to purchase Next Insurance policies through an agent.
Joachim Wenning, Chairman of the Board of Management at Munich Re, said that Next Insurance offers “outstanding growth opportunities” they will harness together.
“Next Insurance will benefit from our expertise in primary insurance and reinsurance,” said Wenning. “This investment emphasizes Munich Re’s commitment to be the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance.”