Next Insurance raised $ 250 million at a valuation of $ 4 billion


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Small business digital insurer Next Insurance today announced the completion of a $ 250 million Series E financing round, led by FinTLV Ventures and Battery Ventures, in partnership with CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared. This is the third consecutive round of financing in which Next Insurance raised $ 250 million and reached $ 881 million, the total amount raised. The financing round was completed when the company was valued at $ 4 billion, double the valuation at the time of the last financing round in September 2020. Over the past six months, Next Insurance has announced two acquisitions, added strategic partners, and doubled its total written premiums. . Jill Arazi, founder and managing partner of FinTLV Ventures, and General Partner of Battery Ventures, Michael Brown, will join as observers on the board. The company was founded in 2016 by CEO Guy Goldstein, CTO Alon Horry, and Vice President Research and Development Nissim Tabiro. The three founders previously founded Check, which developed an app to track a user’s bank account and was sold to US company Intuit for $ 360 million. “Next Insurance’s full approach to providing coverage to small businesses has created a paradigm shift in the legacy insurance industry,” said Jill Arazi, Founder and Managing Partner at FinTLV. Projects. “This value proposition, combined with a divergent focus on machine learning and developing an innovative product portfolio, has created an unstoppable momentum that is undoubtedly changing how small businesses market and buy insurance. We believe Next Insurance represents the future of insurance. Policies tailored to all small business needs with a technology first approach The result is a customer experience with a 4.7-star rating from thousands of clients and a growing client base of more than 200,000. “This latest round of financing is a confirmation of our vision of making it easier for business owners to get access. Dramatically reduces the insurance coverage they need by removing friction from the customer experience. It begins with developing a comprehensive digital product portfolio under one roof, continues to leverage technology that improves customer experience, and ends with a network of integrated partnerships that provide policy buying to the customer within the systems they already use. We haven’t finished improving the lives of small business owners, but we’re proud of what we’ve accomplished so far. ”After the acquisition of American insurance technology company AP Intego earlier this month, which doubled Next Insurance’s annual revenue from $ 200 million to $ 400 million, The company has 560 employees and plans to hire more employees this year.Published by Globes, Israel business news – en.globes.co.il – on March 31, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021


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