Next Insurance Raises $250M Bringing Its Valuation to $4B

UTC by Steve Muchoki · 2 min read
Next Insurance Raises $250M Bringing Its Valuation to $4B
Photo: Next Insurance / Facebook

Next Insurance has so far raised a total of $875 million from private investors who have participated in various funding rounds. 

Online insurance company Next Insurance has raised approximately $250 million in a funding round that has brought its valuation to approximately $4 billion. Next Insurance focuses on small businesses and entrepreneurs through its online platform.

The company has been involved with prior funding in the recent past in a bid to scale its market and remain competitive in the insurance sector. According to news outlet TechCrunch, the company raised a similar amount back in September 2020 at a valuation of $2 billion.

The recent fundings have significantly helped the company reposition itself to fully take as aid emerging opportunities brought forth by the coronavirus crisis. Notably, the firm acquired Juniper Labs, a firm that helps insurtechs and brokers effectively underwrite small businesses. Further, the company recently acquired AP Intego, a deal that brings $185.1 million of active premium to the company’s portfolio.

Next Insurance and Its Market Perspectives amid Growing Valuation

Next Insurance has so far raised a total of $875 million from private investors who have participated in various funding. The company is led by a team of professionals who anticipates scaling the premium coverage, particularly in small businesses. Led by Guy Goldstein co-founder and CEO, Next seeks to compete with established traditional insurance companies in the same market.

Founded back in 2016, the company has attracted different investors including Redpoint Ventures, Battery Ventures, Ribbit Capital, Global Founders Capital, American Express Ventures, TLV Partners, Founders Circle, CapitalG, Munich Re / HSB Ventures, Nationwide Building Society, Markel Corporation, Zeev Ventures, Nationwide Insurance, G Squared, Munich Re Ventures, Group 11, and FinTLV Ventures.

Series A and B funding round managed to raise $29 and $83 million respectively, whereby the seed funding raised $13 million. Besides the established traditional stock insurance companies, Next is ruthlessly in competition with the likes of Embroker, and Insureon in the small businesses insurance sector. The firm has grown to be trusted by over 100,000 business owners in the online insurance sector.

Being a fully online business, customers’ rating is very important to ensure the sustainability of new customers. Having been rated by four different independent companies, the company received an average of 4.8/5 stars. Hereby giving confidence not only to new customers but also to its private investors.

The company has significantly invested in artificial intelligence technologies to help its platform offer the best services. With the help of data scientists and insurance advisors, Next Insurance has emerged as the best alternative for small businesses and entrepreneurs.

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