Insurtech company Next Insurance has raised US$250 million in a Series C funding round from Munich Re. The funds will be used for new product development and to “significantly accelerate” Next Insurance’s customer-expansion initiatives, the company said. The funding round brings Next Insurance’s total funding to US$381 million in just over three years. The company has a total valuation of more than US$1 billion.
Next Insurance provides digital small-business insurance coverage across the US. It offers P&C coverage including general liability, professional liability, commercial auto, and, most recently, workers’ compensation. The company provides coverage to more than 1,000 unique types of business.
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