InsurTech unicorn Next Insurance scores $250m in its Series D

Small business insurance provider Next Insurance has scored $250m in its Series D round, increasing its valuation to $2bn.

The capital injection was led by CapitalG, the independent investment fund of Alphabet. Other contributions came from FinTLV and previous Next Insurance backer Munich RE Group.

As part of the deal, CapitalG partner Sumiran Das will join the InsurTech’s board of directors.

Having closed the round, the company is looking to increase the size of its team by 50% by the end of the year and aims to hire 200 new employees over the next 12 to 18 months across its Palo Alto, Austin and Israel offices.

Next Insurance has helped over 100,000 customers get access to small businesses and is currently available to 1,300 types of businesses in all 50 US states. There are six policies on offer, including general liability, professional liability, commercial auto and workers’ compensation.

The InsurTech reached unicorn status last year after it closed a $250m Series C round.

CapitalG partner Sumi Das said, “Next Insurance is modernizing insurance for small business owners — making it fast and simple to get broad, customized coverage.

“We believe that there is an opportunity to use technology to transform the small business insurance experience in the U.S. and build a national insurance leader. Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision.”

The InsurTech has witnessed strong growth over the past year, with its gross written premiums (GWP) increasing by 133% year-over-year and it recently recorded $750,000 in GWP in a single day.

With the close of the round, the company has bagged a total of $631m in total funding.

Copyright © 2020 FinTech Global

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