PALO ALTO, California., March 31, 2021 / PRNewswire / – Next insurance, the leading digital insurtech company transforming insurance for small businesses, today has a $ 250 million new funding round led by FinTLV Ventures and Battery Ventures with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared, driving the valuation of the company $ 4 billion and raised total funding to over $ 880 million. The new financing follows a memorable six months in which Next Insurance announced two acquisitions, added new strategic partners and doubled gross written premium. FinTLV Ventures founder and managing partner Gil Arazi and the general partner of Battery Ventures Michael Brown, will act as board observers.
“Next Insurance’s full-stack approach to covering small businesses has revolutionized the paradigm shift in the traditional insurance industry,” said Gil Arazi, founder and managing partner at FinTLV. Enterprises. “This value proposition, combined with a differentiated focus on machine learning and growing an innovative product portfolio, has created unstoppable momentum that will undoubtedly change the way small businesses shop and buy insurance. We believe Next Insurance represents the future of insurance. “
Small business insurance is an underserved market traditionally dominated by large insurers targeting large commercial customers or individual consumers. The lack of policy adjustment for small businesses coupled with a customer experience that needs to be digitally transformed, small business owners feel neglected when looking for general liability, professional reliability, work allowance and other indispensable coverage. Until Next Insurance, no company has committed to providing tailor-made policies for all small business needs, backed by a technology-first approach. The result is a customer experience characterized by a 4.7-star rating from thousands of customers and a growing customer base of more than 200,000.
“Next Insurance is modernizing insurance coverage and the customer experience by creating better access to digital coverage and reinventing the way policies are designed, sold and purchased for everyday small business owners,” said Michael Brown, general partner at Battery Ventures. “We believe that Next Insurance is fundamentally changing the insurance landscape and that their passion for serving and supporting small businesses is a perfect fit with Battery ‘s investment goals. This is how you create an iconic insurance brand that customers love.”
With this round, Next Insurance has increased $ 881 million Offer simple, affordable, and tailor-made insurance products to the major growth engine of the US economy: small businesses and the self-employed. Next Insurance’s technology-first approach cuts costs by up to 30 percent compared to traditional policies. Other examples of Next Insurance company’s momentum in the six months since the company announced its previous one $ 250 million financing includes:
- Appointed as a small business insurance provider for Amazon’s Business Prime small business customers.
- Acquisition of AP Intego, a leading digital insurance company, with significant partnerships with some of the largest small business software ecosystems in the US, including Intuit, Gusto, Square and Toast; doubled the size of Next Insurance’s business; and expanded Next Insurance’s customer base to more than 200,000 small businesses.
- Acquisition of Juniper Labs, an innovative provider of alternative open data and adoption technology, to accelerate the development of enhanced machine learning capabilities and tools to enhance the omnichannel customer experience.
- Announced a record year in 2020 in which the company:
- Increased the number of customers with more than one policy by 10x
- Triple the amount of premium written by agent partners
- 180 new employees hired
- Skip $ 1 million for the first time ever in written premium in one day
“This latest round of funding is a confirmation of our vision of making it drastically easier for small business owners to get the insurance coverage they need by removing the friction from the customer experience,” said Guy Goldstein, co-founder and CEO of Next Insurance. “It starts with developing a comprehensive digital product portfolio under one roof, continues to leverage technology that improves the customer experience, and ends with a network of integrated partnerships that bring policy purchases to the customer within the systems they already have. has improved the lives of small business owners, but we are proud of what we have achieved so far. ”
At Next Insurance, policyholders have access to USAlicensed insurance consultants, tools and services such as 24/7 access to insurance certificates from a mobile device or computer and claims submitted in-house, with a decision usually made within 48 hours. Learn about it Next insurance and receive one quote online today.
About next insurance
Next Insurance transforms insurance for small businesses with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to services such as Live insurance certificates, Extra insured and more, at no extra cost. Next Insurance is revolutionizing a historically complicated insurance industry, using AI and machine learning to simplify the purchasing process and reduce costs by up to 30% compared to traditional policies. The company was founded in 2016 and is headquartered in Palo Alto, and with this new round of funding, there is a total $ 881 million in venture capital financing and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes best start-up employers. For more information visit NextInsurance.com. Keep up to date with the latest news with Next Insurance on LinkedIn, Facebook, YouTube, Twitter and ours blog.
About FinTLV Ventures
FinTLV is a global insurtech-focused fund. It partners with the best insurtech and fintech companies at all stages, with a preference for later stage deals. His recent investments include leading or participating in investment rounds in some of the leading companies in these fields, including Hippo Insurance, Next Insurance and Unqork. The company works closely with management teams and leverages its broad global network of insurance, reinsurance and insurtech companies to support its portfolio businesses. The fund’s limited partners include some of the world’s leading insurance companies. For more information visit http://fintlv.com/
About battery companies
Battery works with exceptional founders and management teams who develop category-defining businesses in markets such as software and services, corporate infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the company supports businesses at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, California.; Herzliya, Israel; London; and New York. Follow the company on Twitter @BatteryVentures, visit our website at www.battery.com and find a complete list of Battery’s portfolio companies here.
SOURCE Next insurance