Next Insurance, a Palo Alto, California-based provider of online insurance services for small businesses, raised $83m in Series B funding.
The round was led by Redpoint Ventures with participation from Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, SGVC, TLV Ventures and Zeev Ventures. As part of the round, Elliot Geidt, managing director of Redpoint, will join Next Insurance’s board.
The company, which has now raised $131m to date, intends to use the funds to build up operations, including hiring in Palo Alto, California, and Kfar Saba, Israel, adding engineers who can develop products, insurance and product experts who can expand the offerings, and online marketers who will get the word out to small businesses across the US.
Now that we are a fully-licensed carrier, we will grow and expand our product offering to include new types of insurance and additional sectors, taking our disruption of the insurance market to the next level.
Founded in 2016 and led by CEO Guy Goldstein, Next Insurance offers small business insurance in such sectors as:
– Photo & Video
Owners can subscribe a tailored policy online in a few minutes, 24/7, with no agents involved. Once they are customers, they have access to an online portal to get free Certificates of Insurance with Additional Insured added as needed. They can even file a claim, or update the payment method.