Next Insurance Hits $4 Billion Valuation
It only recently acquired another insurance company.
Israel’s Next Insurance, a digital insurtech company in the field of small business insurance, has reached a valuation of $4 billion. This makes Next Insurance Israel’s biggest unicorn, by far. The company hit this milestone after bringing in $250 million in a new funding round led by FinTLV Ventures and Battery Ventures with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared.
Next insurance’s total funding raised is now more than $880 million.
Founded in 2016, Next Insurance says that it was created to give your business the coverage it deserves. Simple, affordable and tailored. “No no matter what you do, no matter how you define success, we’re right there, next to you. 100% dedicated to the self-employed, 100% how insurance should be.”
The news comes just weeks after Next Insurance bought out a smaller American company called AP Intego for a reported $500 million. It is unusual, to say the least, for one new company to buy up another new company, but maybe this explains why Next is worth billion. AP Intego is also an insurance company. It was founded in 2016. The company boasts that it is the leading digital insurance agency for small businesses and one of the fastest-growing insurtech companies.
Next Insurance states that it is transforming small business insurance with “simple, digital and affordable coverage tailored to the self-employed.” Next Insurance offers policies that it says 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. The company utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies.
Thrilled to announce we’ve raised a new funding & doubled our valuation to $4B! The $250M investment round led by @Fin_TLV and @BatteryVentures will help further drive innovation within #smallbusiness #insurance. @FortuneMagazine @rhhackett shares more: https://t.co/n5h6E72MGr
— Next Insurance (@nextInsurance1) March 31, 2021
“Next Insurance’s full-stack approach to providing coverage for small businesses has created a radical paradigm shift in the legacy insurance industry,” said Gil Arazi, founder and managing partner at FinTLV. Ventures. “This value proposition, combined with a differentiated focus on machine learning and growing an innovative product portfolio has created unstoppable momentum that is undoubtedly changing how small businesses shop and purchase insurance. We believe that Next Insurance represents the future of Insurance.”
“This latest round of financing is a validation of our vision which is to make it dramatically easier for small business owners to get the insurance coverage they need by removing friction from the customer experience,” said Guy Goldstein, co-founder and CEO of Next Insurance. “It starts with developing a comprehensive digital product portfolio under one roof, continues with leveraging technology that improves the customer experience, and ends with a network of integrated partnerships that bring policy purchasing to the customer within the systems they already use. We’re not done improving the lives of small business owners, but we’re proud of what we’ve accomplished thus far.”