Small Business Insurer Next Insurance Raises $250 Million

Silicon Valley-headquartered small business insurer Next Insurance Inc. has raised a $250 million series C funding round from German insurer Munich Re Group at a company valuation of more than $1 billion, Next announced Monday. The new round brings the company’s total funding raised to date to $381 million from investors including American Express Ventures, California-based Group 11, and Israel-based Zeev Ventures, according to the company’s statement.

Next provides coverage for entrepreneurs and small businesses, using artificial intelligence and machine learning technologies to tailor insurance policies for its customers. Next Insurance became a licensed insurance carrier in May 2018. The company was founded by Israeli entrepreneurs Nissim Tapiro, Guy Goldstein, and Alon Huri in 2016. Next employs a team of 85 people in Israel with the rest of its 200-person team based in the U.S., co-founder Tapiro said in a Monday interview with Calcalist.

The company intends to use the funds to continue growing its team and its research and development center in Israel, Tapiro said.