Next Insurance, an insurtech seeking to transform small business insurance, announced on Wednesday it secured $250 million through its Series D funding round, which was led by CapitalG, Alphabet’s independent growth fund, with participation from FinTLV, a global insurtech VC, and existing investor Munich RE Group.
Founded in 2016, Next Insurance is on a mission to transform small business insurance with “simple, affordable” coverage that is tailored to the needs of each class of business.
“Next Insurance offers policies that are easy to buy with instant, 24/7, online access to services such as Live Certificates of Insurance, Additional Insured, and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry’s most innovative small business insurance policies.”
Next Insurance also revealed it has now raised $631 million to bring what it described as simple, affordable, and tailored insurance products to the American small businesses and the self-employed. Also speaking about the investment round, Guy Goldstein, Co-Founder and CEO of Next Insurance, stated:
“We aspire to help businesses thrive by delivering phenomenal insurance products and experience. Insurance is a market primed for a new approach – one that believes it is a social good and cares for its customers. We believe we have the right team, the right approach, and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride.”
Sumi Das, Partner with CapitalG, then concluded:
“We believe that there is an opportunity to use technology to transform the small business insurance experience in the U.S. and build a national insurance leader. Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision.”