Next Insurance, a Palo Alto, Calif.-based digital insurtech company transforming small business insurance, raised $250m in Series D financing.
The round, which brings total funding raised to date to $631m, was led by CapitalG, Alphabet’s independent growth fund, with participation from FinTLV, and existing investor Munich RE Group. In conjunction with the funding, CapitalG Partner Sumiran Das will join the Board of Directors.
The company intends to use the funds to hire over 200 new employees over the next 12-18 months across their offices in Palo Alto, Austin and Israel.
Led by Guy Goldstein, co-founder and CEO, Next Insurance provides small business insurance coverage tailored to the self-employed and utilizes AI and machine learning to simplify the purchasing process. Its policies provide 24/7 access to services such as Live Certificates of Insurance, Additional Insured, and more.
As of today, the company is available to 1,300 types of businesses in 50 states and provides six insurance offerings, including General Liability, Professional Liability, Commercial Auto and Workers’ Compensation coverage, all under one roof.