Next Insurance Secures $250 Million in Series D Round of Financing

By Insurance CIO Outlook | Thursday, September 24, 2020

Guy Goldstein, CEO, Next Insurance

Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to services such as Live Certificates of Insurance, Additional Insured, and more, with no extra fees.

FREMONT, CA: Next Insurance, the leading digital insurtech company transforming small business insurance, raised $250 million in Series D round of financing led by CapitalG, Alphabet's independent growth fund, with participation from FinTLV, a global leading insurtech VC, and existing investor Munich RE Group. CapitalG Partner Sumiran Das will join the Next Insurance Board of Directors.

Next Insurance has now raised $631 million to bring simple, affordable, and tailored insurance products to the American economy's most important growth engine: small businesses and the self-employed. The company's technology-first approach drives down costs by up to 30 percent when compared to traditional policies.

"Next Insurance is modernizing insurance for small business owners -- making it fast and simple to get broad, customized coverage," said Sumi Das, partner with CapitalG. "We believe that there is an opportunity to use technology to transform the small business insurance experience in the U.S. and build a national insurance leader. Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision."

Next Insurance has built its digital product portfolio from the ground up using machine learning, data science, and modern customer support practices to deliver a more customized, affordable, and delightful insurance experience.

"We aspire to help businesses thrive by delivering phenomenal insurance products and experience," said Guy Goldstein, co-founder, and CEO of Next Insurance. "Insurance is a market primed for a new approach - one that believes it is a social good and cares for its customers. We believe we have the right team, the right approach and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride."

In the past 60 days alone, Next Insurance has added Tools and Equipment, and Hired and Non-Owned Auto (HNOA) coverage and expanded Workers' Compensation coverage to more markets. The company will continue to expand existing product offerings while introducing new products in 2021 to better serve small businesses' specific needs in industries like accounting, construction, fitness, retail, and many more.

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