Next Insurance, a digital insurance platform for small businesses, has collected $250m in its Series C round from Munich Re.
Capital from the round will be used to boost product development as Next Insurance aims to scale its SME products. Expansion plans include customer growth initiative which will cement its position as a one-stop-shop for P&C insurance.
With the new funding, the InsurTech has raised a total of $381m in funding over the past three years. The company has reached a valuation of more than $1bn.
Next Insurance offers digital small business insurance across the US for all aspects of P&C. Products available span general liability, professional liability, commercial auto and, workers’ compensation coverage.
The company recently released its Next for Agents service which enables customers to buy policies through an agent.
Munich Re chairman of the board of management Joachim Wenning said, “Next Insurance’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together.
“Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re’s commitment to be the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance.”
Last year, Next Insurance bagged $83m in its Series B round which was backed by Redpoint, Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC, and Zeev Ventures.
Next Insurance co-founder and CEO Guy Goldstein said, “We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business.”
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