Next Insurance, a Palo Alto, California-based digital insurance company for small to medium businesses, raised $29m in Series A funding.
The round was led by Munich Re/HSB Ventures with participation from Markel, Nationwide, and other investors.
The company, which had received $13m in seed funding from Ribbit Capital, TLV Partners and Zeev Ventures, will use the funds to continue building its own insurance products and expand their offering to new business sectors.
Led by Guy Goldstein, Co-Founder and CEO, Next Insurance develops a direct link with targeted small business owners to create tailored insurance programs that address their specific needs. The company utilizes an online platform that gives insights into consumer behavior and collects the data pool necessary to identify the ideal policies, correct prices, and to improve processes.