Next Insurance, an insurtech seeking to transform small business insurance, announced on Wednesday it raised $250 million through new funding round, which was led by FinTLV Ventures and Battery Ventures with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle, and G Squared. Next Insuance reported that the funding round brought its valuation to $4 billion and total funding raised to more than $880 million.
As previously reported, 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.”
The latest investment round comes just a little over six months after Next Insurance raised $250 million through its Series D funding round. The company also recently announced two acquisitions, added new strategic partners and doubled its gross written premium. FinTLV Ventures founder and managing partner Gil Arazi and Battery Ventures general partner Michael Brown will join as board observers.
Speaking about the latest investment round, Guy Goldstein, Co-Founder and CEO of Next Insurance, explained that the financing is a validation of the company’s mission, to make it easier for small business owners to acquire the insurance cover they need by removing issues from the “customer experience.” Goldstein then added:
“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.”