Next Insurance, which targets to be the go-to insurance company for any small enterprise, has raised $250 million in a Series D spherical.
The spherical, which values the company at more than $2 billion, was led through new investor CapitalG and current investor Munich RE.
The purpose is for Palo Alto-based Next Insurance to be the largest company of small enterprise insurance in the U.S., CEO Guy Goldstein stated in an interview.
“We have the technology that can provide a solution for every type of business … and we are leveraging this technology to apply to every business in the market,” Goldstein said.
The company will use the brand new investment to extend the team, develop the brand through making an investment in advertising and consumer acquisition, and most importantly, complete the product in order that Next Insurance can be a “one-stop shop” for any kind of business’ insurance needs, Goldstein stated.
Currently the company has more than 100,000 clients and is available in all 50 states. More than 1,300 sorts of businesses can use Next Insurance, and the company is centered on ensuring it can offer every kind of insurance that every small enterprise would need. The company expects to provide all sorts of insurance by the end of subsequent yr, Goldstein stated.
In phrases of growth, Next Insurance has seen its gross written premiums grow 133 percentage yr over yr. The company, that is backed through investors such as Ribbit Capital and TLV Partners, final raised money with a $83 million Series B spherical led through Redpoint in July 2018. Next Insurance is among some of insurtech corporations getting big rounds of investment, such as Hippo Insurance and Root Insurance.
