Next Insurance Raises $250 Million to Lead Major Shift in Insurance for Small Business Owners
Led by CapitalG new financing solidifies Next Insurance as the one-stop-shop for small business insurance and brings the company's valuation to more than $2 billion
Next Insurance, the leading digital insurtech company transforming small business insurance, today announced that it has raised $250 million in Series D financing led by CapitalG, Alphabet's independent growth fund, with participation from FinTLV, a global leading insurtech VC, and existing investor Munich RE Group. CapitalG Partner Sumiran Das will join the Next Insurance Board of Directors.
Next Insurance has now raised $631 million to bring simple, affordable, and tailored insurance products to the American economy's most important growth engine: small businesses and the self-employed. Next Insurance's technology-first approach drives down costs by up to 30 percent when compared to traditional policies. Other examples of Next Insurance company momentum in 2020 include:
Next Insurance has increased its Gross Written Premiums (GWP) year-over-year by 133% and recently recorded $750,000 in GWP in a single day, a 75x increase in three years.
Next Insurance's commitment to being the one-stop-shop for small business insurance and a customer experience leader has helped it grow to more than 100,000 customers. As of today, Next Insurance is available to 1,300 types of businesses in 50 states and provides six insurance offerings, including General Liability, Professional Liability, Commercial Auto and Workers' Compensation coverage, all under one roof.
Next Insurance has increased headcount by 50 percent in 2020, with plans to hire over 200 new employees over the next 12-18 months across their offices in Palo Alto, Austin and Israel.
The company has been recognized in areas like growth, innovation, corporate culture and outstanding customer experience by Forbes, JMP Securities InsurTech 50, CB Insights and Real Simple.
"Next Insurance is modernizing insurance for small business owners -- making it fast and simple to get broad, customized coverage," said Sumi Das, partner with CapitalG. "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."
Small business insurance has historically been served by large carriers that offer one-size-tries-to-fit-all products across large commercial, personal and auto lines - none of which meet the specific needs of micro and small businesses. These generic policies eat up cash flow and don't address the unique requirements of an independent carpenter, architect, or small retail boutique. Next Insurance has built its digital product portfolio from the ground up using machine learning, data science and modern customer support practices to deliver a more customized, affordable, and delightful insurance experience.
"We aspire to help businesses thrive by delivering phenomenal insurance products and experience," said Guy Goldstein, co-founder and CEO of Next Insurance. "Insurance is a market primed for a new approach - one that believes it is a social good and cares for its customers. We believe we have the right team, the right approach and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride."
In the past 60 days alone, Next Insurance has added Tools and Equipment, and Hired and Non-Owned Auto (HNOA) coverage and expanded Workers' Compensation coverage to more markets. The company will continue to expand existing product offerings while introducing new products in 2021 to better serve the specific needs of small businesses in industries like accounting, construction, fitness, retail, and many more.
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. Learn more about Next Insurance and get a quote online today.
About Next Insurance
Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers 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, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers. For more information visit NextInsurance.com. Stay up to date on the latest with Next Insurance on LinkedIn, Facebook, YouTube, Twitter and our blog.
About CapitalG
CapitalG, Alphabet's independent growth fund, invests in remarkable companies transforming the fields of consumer products and services, enterprise tech, cybersecurity, healthcare tech, insuretech, transportation and fintech. CapitalG partners with growth stage companies in their transition from startup to scale up through hands-on assistance from its in-house growth team and connections to Google's engineering, product, marketing, sales and people operations experts worldwide. More than 2,000 Googlers have already engaged with the companies in which we've invested, including Airbnb, Credit Karma, CrowdStrike, Duolingo, Freshworks, Gusto, Lyft, Oscar, Robinhood, Snap, Stripe, UiPath and Zscaler, among others.
SOURCE: Next Insurance
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