Israeli-founded insurtech startup Next Insurance has secured a Series B funding round of $83 million led by Redpoint Ventures with participation from existing investors including Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures, and Zeev Ventures. Elliot Geidt, managing director of Redpoint, will join the board of Next Insurance.
Next Insurance markets itself as an innovative insurance company focused on small businesses in the US. It recently received the status of a national insurance carrier in the US, which allows it to write policies independently. It also received “far more freedom over underwriting, setting prices, and configuring policies, providing entrepreneurs and small businesses insurance that is simple, affordable, and tailored to their specific needs,” the company stated in a press release.
The company plans to use the fresh funding to expand throughout the US and grow internal operations both there and in Israel. It's currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland, and Utah.
Founded in 2016, Next Insurance has already raised $131 million in funding, including the current round.