Next Insurance, a digital insurance company for small businesses, has announced that it has raised $83 million in a Series B funding round. The round, led by Redpoint Ventures, will enable Next Insurance to continue its expansion throughout the country as a full-service insurance carrier. The company said that the funding would also allow it to push boundaries for handling claims, offer coverage to many more classes of business, and grow internal operations in both the United States and Israel.
The latest funding round brings Next Insurance’s total funding to $131 million in two years. Other investors participating in the funding round included Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures and Zeev Ventures. Elliot Geidt, managing director of Redpoint Ventures, will join Next Insurance’s board.
“We are at a monumental turning point in our company’s history,” said Guy Goldstein, CEO and co-founder of Next Insurance. “Our exponential growth over the last two years has proven that small businesses have been overlooked and underserved by the insurance market. Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who don’t understand the nuances and needs of different classes of business. Small businesses are the backbone of the US economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive. Our goal is to become the one-stop shop for all small business insurance needs, no matter where they are.”
The closing round comes after Next Insurance’s announcement of its new status as a national carrier. The company is currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and is in the process of expanding to all 50 states.