Next Insurance, a Palo Alto, CA-based digital Insurtech company focused on small business insurance, raised $250m in Series C funding.
Munich Re provided the funding in a round that brought total funding to $381m in over three years, with a valuation of over $1 billion USD.
The company intends to use the funds for new product development as it scales its small business insurance products, to accelerate its customer expansion initiatives.
Led by Guy Goldstein, Co-Founder and CEO, Next Insurance provides digital small business insurance coverage across the US by enabling customers businesses to acquire all P&C insurance products in one place and at any time. This includes, general liability, professional liability, commercial auto and, as of today, workers’ compensation coverage.
The company provides insurance coverage to over 1,000 unique types of business with policies that are tailored to their needs.
Benefits also include the Live Certificate, a real-time certificate of insurance verification and access to an online portal where policyholders can add additional insureds, update policy or payment information, send verifiable proof of insurance, and more, all from a smartphone or computer.
Most recently, Next Insurance launched Next for Agents, a platform that enables customers to purchase Next Insurance policies through an agent.