Next Insurance, a Palo Alto, Calif.-based digital insurtech company transforming small business insurance, raised $250m in funding.
The round, which brought valuation to $4 billion and total funding raised to more than $880m, was led by FinTLV Ventures and Battery Ventures with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared. FinTLV Ventures founder and managing partner Gil Arazi and Battery Ventures general partner Michael Brown will join as board observers.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Guy Goldstein, co-founder and CEO, Next Insurance provides small business insurance 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.
Founded in 2016, the company recently acquired AP Intego, a digital insurance agency, with key partnerships with some of the largest small business software ecosystems in the U.S., including Intuit, Gusto, Square and Toast; and Juniper Labs, an innovative provider of alternative open data and underwriting technology, to accelerate the development of enhanced machine-learning capabilities and tools to strengthen the omni-channel customer experience.
With Next Insurance, insureds have access to USA-based licensed insurance advisors, tools and services like 24/7 access to certificates of insurance from a mobile device or computer and in-house claims filings where a decision is typically made within 48 hours.